StockMarketWire.com - Ncondezi Energy said it had agreed with GridX Africa Development to finance the development of an off-grid solar PV project for a commercial customer in Mozambique.

The 400 kilowatt ground-mounted development would come with an energy storage facility.

Ncondezi would invest $1.1m into a GridX special purpose vehicle to fully fund the project.

Commissioning was targeted within eight months with cashflow due to start in the first quarter of 2020.

The project was forecast to generate annual revenues of $198k, through a 15-year fixed-price offtake agreement.

Ncondezi said it had also put in place a $750k working capital facility to strengthen its balance sheet to deliver on its strategy for the main Ncondezi coal and power project over the next nine months.

At 1:22pm: [LON:NCCL] Ncondezi Energy Limited share price was -0.3p at 5.05p



Story provided by StockMarketWire.com