(Alliance News) - Ncondezi Energy Ltd on Wednesday said is has promoted Chief Development Officer Hanno Pengilly to the role of chief executive.
Shares in Ncondezi were up 3.2% at 4.80 pence in London shortly before midday.
Pengilly joined the firm, which is developing a thermal coal power plant and mine in Mozambique, in 2010. He became chief development officer back in May 2013 and began leading Ncondezi's strategic partner process in May 2017, resulting in a joint development agreement in July this year.
Pengilly also led negotiations with the Mozambique government and with Electricidade de Mocambique, the country's state power utility. He has now been appointed both to Ncondezi's board and as its new CEO.
The newly appointed chief said: "Energy growth is critically important for Africa as a key catalyst for economic development. Ncondezi is uniquely positioned to take advantage of baseload power generation development in Mozambique at an important time for the country.
"I'm excited to be stepping into the role of CEO which represents a great opportunity to lead the company and create value for shareholders. The company's 300 megawatt Ncondezi project is one of the most advanced baseload power plant projects in Southern Africa with market leading co-development partners."
"Additionally, it is clear a significant opportunity exists to provide off grid solutions in Africa. To this end, Ncondezi's developing position in the African captive solar and battery storage sector through the proposed joint venture with GridX Africa Development, offers a strategic approach to a new growth market," Pengilly added.
At present, Pengilly owns 6.9 million Ncondezi shares under option. He is also interested in 291,375 shares, a 0.1% stake in the firm's issued capital. As at October 2, he also held around USD126,000 of Ncondezi's USD4.1 million shareholder loans.
At the loan conversion price of 10 pence per share, Hanno's loan holding is convertible into around 969,231 shares.
By Anna Farley; annafarley@alliancenews.com
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