Mozambique: Ncondezi Energy Announce Solar Power Project
London — The London-based company Ncondezi Energy on Wednesday announced that it has entered into an agreement with GridX Africa Development to finance the development of a 400 kWp (kilowatt peak) off-grid solar PV facility for a commercial customer in Mozambique.
According to a company statement, “solar and power storage increasingly makes economic sense against traditional power generation such as diesel generators”.
Ncondezi expects that the project will generate annual revenues of 198,000 US dollars through a fifteen-year fixed price agreement. It added that it would invest 1.1 million dollars into a GridX special purpose vehicle to fully fund the project.
Ncondezi’s Chief Executive Officer, Hanno Pengilly, stated that the project “is believed to be one of the first solar PV and battery storage projects of this size in Mozambique”. He added, “the falling costs of solar and battery storage solutions represents a significant opportunity for Africa where a large portion of the regional economy is still heavily dependent on expensive diesel generation or weak grid supply”.
Ncondezi’s main focus remains on developing a 300-megawatt coal-fired power project in the western Mozambican province of Tete.
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