StockMarketWire.com - Ncondezi Energy said it did not expected General Electric's decision to exit the new-build coal power market to have a material impact on its namesake 300 megawatt project in Mozambique.

The company said it had not received any formal notification from GE regarding its future role in the project, to which it had previously agreed to provide its power technology.

Ncondezi Energy last month signed a shareholders agreement term sheet with China Machinary Engineering Corporation confirming the latter's intention to be the lead investor subscribing for a 60% equity stake in the project.

'Should the project need to replace GE in its role as the technology partner the company is confident that in conjunction with CMEC it can source a new technology partner and it is not envisaged that such a process would have a material impact on the project,' it said.

'All critical project work streams, including the historical cost audit and tariff negotiations, continue to progress positively.'

At 1:35pm: [LON:NCCL] Ncondezi Energy Limited share price was -0.85p at 3.55p



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