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.

See What Everyone is Watching

More From: AIM

Don't Miss

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.