(Alliance News) - Ncondezi Energy Ltd on Wednesday said it has signed an agreement to potentially fund a pipeline of solar and battery storage projects in Mozambique.
The power producer has finalised a binding agreement with GridX Africa Development under which Ncondezi has the right, but not the obligation, to fund a pipeline of solar and battery storage projects in the commercial and industrial sector.
Ncondezi has a right of first refusal to fund 100% of the projects up to a total of USD5.5 million. The projects include a diversified portfolio of seven identified potential projects with a combined potential installed solar capacity of 2.8 megawatt peak and 4.5 megawatt hour of battery storage.
The company said initial projects are at an early stage of development with first funding requirement not expected until the fourth quarter of 2020 or the first quarter of 2021.
Shares in the company closed 7.3% higher at 4.24 pence each in London on Wednesday.
By Tapan Panchal; tapanpanchal@alliancenews.com
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