(Alliance News) - Ncondezi Energy Ltd said Wednesday it has concluded the initial tariff meetings for its 300 megawatt coal fired-power project in Tete, Mozambique.
The meetings - which took place in Beijing, China - ended with Ncondezi drawing up a work programme and allocation of responsibilities ahead of the tariff finalisation submission to Mozambique's energy company Electricidade de Mocambique.
The company also noted it was able to secure a letter of intent from the Industrial & Commercial Bank of China to provide debt financing for the project.
Ncondezi Chief Executive Officer Hanno Pengilly said: "I'm happy to report that the company has successfully concluded meetings in Beijing with its strategic partners, advisors and potential lenders ahead of finalising the project tariff financial model.
"All parties are aligned with the work requirements over the coming weeks. Initial EPC and O&M bid information is expected during December 2019; however our strategic partners have requested a two-week extension to supply supporting information due to internal approval process requirements."
Pengilly said this extension will not have an effect on its timetable and is on track to submit all the relevant materials to Electricidade de Mocambique in the first quarter of 2020.
Shares in Ncondezi Energy were up 1.5% in London on Wednesday afternoon at 5.07 pence each.
By Paul McGowan; paulmcgowan@alliancenews.com
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