(Alliance News) - Africa-focused power developer Ncondezi Energy Ltd said Friday it has made substantial progress on the tariff finalisation and submission process for its Ncondezi 300 megawatt-coal power project and mine in Tete, Mozambique.
The tariff financial model is on track to be submitted to strategic partners by the end of January, with the targeted competitive tariff rate in line with agreed rates with state-owned energy firm, Electricidade de Mocambique.
The supporting engineering, procurement & construction information is currently being reviewed by Ncondezi's technical team, while the supporting operating & maintenance information is being optimised by strategic partners.
The submission of the tariff offer remains on-track for the first quarter of 2019, and the tariff negotiation finalisation is expected within the first half of the year.
"The process to finalise a tariff offer for submission to EDM is well underway and on track for submission in the first quarter of 2020. The company continues to work closely with its strategic partners and tariff financial advisor to achieve a competitive firm tariff offer in line with the latest agreed tariff rates in Mozambique," said Chief Executive Officer Hanno Pengilly.
"The project is aligned with government strategy for additional baseload power on the grid by 2023 and universal energy access by 2030," Pengilly added.
Shares in Ncondezi Energy - which is based in the British Virgin Islands - were down 7.0% at 5.16 pence on Friday in London.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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