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Ncondezi raises £1.88m to enter joint venture with GridX

Fri, 05th Apr 2019 15:08

(Sharecast News) - Ncondezi Energy announced on Friday that it had entered into a term sheet with GridX Africa Development - an African power developer - which would enabling it to enter into a joint venture focussed on building and operating captive solar and battery storage solutions for the African commercial and industrial sector.The AIM-traded firm also said it had raised a total of £1.88m before expenses, through a conditional placing and direct subscriptions of 28,856,060 ordinary shares at a price of 6.50p each.It said it would use the proceeds of the fundraising to pay a fee in two stages to GridX of $0.39m, allowing it to enter into definitive agreements to formalise the joint venture.The fee included all costs to set up the joint venture, and would secure an exclusivity period and right of first refusal over GridX's pipeline of commercial and industrial projects.It was also intended that the funds would be used to fund the first project, currently estimated to be $1.1m, with the balance of the fundraising available for general working capital purposes."The company is pleased to announce the signing of a binding term sheet with GridX, and believes the move into the commercial and industrial solar and battery storage sector represents a significant opportunity for the company to complement its existing large scale baseload power project and access near-term low-risk annuity income streams, which the company believes has significant growth potential," said Ncondezi non-executive chairman Michael Haworth."Falling solar panel and battery costs are setting the foundation for a tide of disruptive technology in the African energy markets, allowing African countries to leapfrog to the next generation of sustainable energy supply, in a similar way to wireless cellular phones allowing African countries to bypass fixed line infrastructure and adopt mobile technology."At the same time, significant investment appetite is growing in the sector as investors increasingly recognise smaller renewable captive generation projects as a source of steady returns."Haworth noted that GridX had recently completed its first solar and battery storage project at Singita Faru Faru Lodge, located in Tanzania.He said the GridX project was the first of its kind in Tanzania, and the first commissioned using Tesla batteries.That provided a "strong" experience platform to deliver the rest of the GridX portfolio through the joint venture."The JV structure provides the opportunity for a phased and low risk entry point into the sector, with GridX responsible for the development and delivery of construction ready projects for investment consideration and a diversified portfolio approach spreading investment risk across multiple projects."The successful fundraising provides the company with sufficient capital to enter into the exclusive discussions with GridX on the joint venture and a right of first refusal to invest in its projects in the meantime with the first project fully funded, as well as general working capital until the end of the first quarter of 2020."This puts the company in a strong financial position to execute on its work programme."
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28 Feb 2023 19:43

IN BRIEF: Ncondezi confirms approval of name change to Solgenics

Ncondezi Energy Ltd - African renewable energy development company - Confirms name change to Solgenics Ltd was approved at an emergency general meeting. Applies to the British Virgin Islands Financial Services Commission to register the change of name.

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21 Feb 2023 15:54

UK shareholder meetings calendar - next 7 days

Wednesday 22 February 
Barkby Group PLCAGM
Gooch & Housego PLCAGM
Itaconix PLCGM re open offer shares
RWS Holdings PLCAGM
Tharisa PLCAGM
Thursday 23 February 
Bankers Investment Trust PLCAGM
Foresight Sustainable Forestry Co PLCAGM
IntegraFin Holdings PLCAGM
Friday 24 February 
Caledonian Trust PLCAGM
Ediston Property Investment Co PLCAGM
Monday 27 February 
Bonhill Group PLCGM re proposed capital reduction
Carr's Group PLCAGM
Diversified Energy Co PLCGM re capital raise and proposed acquisition
Oncimmune Holdings PLCAGM
Ramsdens Holdings PLCAGM
Tuesday 28 February 
Aberdeen Diversified Income & Growth Trust PLCAGM
Aquila Energy Efficiency Trust PLCGM re initial public offering vote
Cora Gold LtdGM re equity fundraising
Edge Performance VCT PLCGM re voluntary liquidation
Hambro Perks Acquisition Co LtdEGM business combination extension
Image Scan Holdings PLCAGM
Kavango Resources PLCGM re approving the issue of the Warrants 
Ncondezi Energy LtdEGM re change of name
Newmark Security PLCAGM
Reabold Resources PLCGM re capital reduction
Watkin Jones PLCAGM
  
Copyright 2023 Alliance News Ltd. All Rights Reserved.

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13 Feb 2023 11:48

Ncondezi Energy seeks shareholder approval to change name to Solgenics

(Alliance News) - Ncondezi Energy Ltd on Monday called an extraordinary general meeting for shareholders to approve changing its name to Solgenics Ltd.

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6 Feb 2023 14:41

TRADING UPDATES: First Class Metals finds nickel; EPE Special NAV down

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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17 Jan 2023 21:40

TRADING UPDATES: Future Metals in JV; Gunsynd sells stake in investee

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Tuesday and not separately reported by Alliance News:

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13 Jan 2023 19:32

TRADING UPDATES: Premier Miton assets grow; Taseko Mines gets funds

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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13 Jan 2023 19:32

TRADING UPDATES: Premier Miton assets grow; Taseko Mines gets funds

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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13 Jan 2023 15:53

Ncondezi gets approval for solar project transmission study

(Sharecast News) - Ncondezi Energy updated the market on its 300MW solar photovoltaic (PV) and battery energy storage system (BESS) project's transmission integration study on Friday, reporting that the study to connect the solar project into the grid had been approved by Electricidade de Moçambique (EDM).

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9 Jan 2023 13:17

IN BRIEF: Ncondezi notes land use agreement for Mozambique project

Ncondezi Energy Ltd - Solar and energy storage project in Mozambique - Receives Direito do Uso e Aproveitamento da Terra land use agreement from the Mozambican Government, granting exclusive use for solar power plant operations at a project in Tete, Mozambique. The company is developing a 300 megawatt solar photovoltaic and battery energy storage system in Tete. Adds that DUAT covers an area of 950 hectares, sufficient for up to 500MW.

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9 Jan 2023 12:51

Ncondezi gets updated land use deal for Mozambique solar project

(Sharecast News) - Ncondezi Energy updated the market on its 300MW solar photovoltaic and battery energy storage system (BESS) project in Tete, Mozambique on Monday.

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23 Dec 2022 15:47

UK shareholder meetings calendar - next 7 days

Monday 26 December 
no events scheduled 
Tuesday 27 December 
Zambeef Products PLCAGM
Wednesday 28 December 
Evrima PLCAGM
Greencare Capital PLCGM re proposed name change
Lift Global Ventures PLCGM re proposed expansion within the energy sector
Thursday 29 December 
Amte Power PLCAGM
ADVFN PLCAGM
Genedrive PLCAGM
Hotel Chocolat Group PLCAGM
Lekoil LtdEGM re proposed settlement and name change
Online Blockchain PLCAGM
PetroNeft Resources PLCAGM
SkinBioTherapeutics PLCAGM
Friday 30 December 
Amala Foods PLCAGM
Apollon Formularies PLCAGM
Europa Metals LtdGM re Denarius transaction
Goldplat PLCAGM
Ncondezi Energy LtdAGM
Ross GroupAGM
Secure Property Development & Investment PLCAGM
Time Out Group PLCAGM
  
Copyright 2022 Alliance News Ltd. All Rights Reserved.

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22 Dec 2022 13:48

Ncondezi inks master services deal with Synergy Consulting

(Sharecast News) - Ncondezi Energy has signed a master services agreement with Synergy Consulting, it announced on Thursday, to provide financial and transaction advisory services for the 300MW solar photovoltaic and battery energy storage system (BESS) project in Tete, Mozambique.

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21 Nov 2022 15:02

IN BRIEF: Ncondezi Energy raises GBP500,000 for Tete project work

Ncondezi Energy Ltd - solar and energy storage project in Mozambique - Raises GBP520,000 from placing of 80.0 million shares at 0.65 pence. Each new share comes with a warrant to buy another share within 18 months at 1.30p. Non-Executive Director Scott Fletcher takes 15.9 million shares, contributing GBP103,584. The funds will be used for working capital and will cover the costs of delivering the next milestones at the Tete project.

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21 Nov 2022 10:36

Ncondezi shares slide on Tete solar project update

(Sharecast News) - Ncondezi Energy updated the market on its solar photovoltaic and battery energy storage system project in Tete, Mozambique on Monday.

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31 Oct 2022 19:58

TRADING UPDATES: 4Global wins deal; James Cropper profit warning

(Alliance News) - The following is a round-up of updates by London-listed companies, issued on Monday and not separately reported by Alliance News:

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