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(Alliance News) - Tlou Energy Ltd on Tuesday said it aims to achieve first revenue in 2023 through energy generation in Botswana, as it posted a doubled annual loss.
Tlou Energy is a Brisbane, Australia-based power solutions company focused on sub-Saharan Africa, in particular Botswana and South Africa.
"The past year has seen the company achieve some very significant targets. Signing the power purchase agreement and being the first independent power producer in Botswana to do so was a major accomplishment," said Managing Director Tony Gilby.
The company added that it is making "excellent" progress towards establishing itself as a "key" energy firm in Botswana.
The past year saw Tlou achieve "significant targets", it said, including the signing of a power purchase agreement in Botswana.
Tlou explained it is about to generate first revenue from its business, citing a 100 kilometre transmission line at the Lesedi project in Botswana.
"Completion of the transmission line is expected in mid-2023. Substations at either end of the transmission lines are expected to be completed in the second half of 2023, with sale of electricity thereafter," Tlou said.
It cautioned however: "There is a risk completion that the grid connection infrastructure could be delayed thereby postponing first power sales. No other agreements are currently in place for sale of power or gas to other parties."
Tlou stated that once in full production, it could generate around USD10 million in annual revenue through the sale of 10 megawatt of generation.
Tlou posted a bigger loss for the financial year that ended June 30. Loss before tax and interest widened to AUD4.3 million from AUD2.1 million a year prior.
Tlou shares were 9.6% lower at 1.26 pence each in London on Tuesday morning.
By Tom Budszus; tombudszus@alliancenews.com
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