- Africa-focused Ncondezi Energy said it had signed a 'binding relationship agreement' with Captive Power for the development of solar and battery storage projects in Mozambique.

Under the agreement, Ncondezi had the right, but not the obligation, to fund a pipeline of projects in the African nation.

Captive Power provided power solutions for businesses in Africa with a strong focus on developing projects in Mozambique, and was setup by a former GridX founder.

The new agreement superseded an existing relationship agreement signed with GridX Africa Development announced on 6 May 2020. The pipeline included a a diversified portfolio of six potential projects in Mozambique with a combined potential installed solar capacity of 2.8 MWp and 6.2 MWh of battery storage.

Initial project investments into qualifying projects, subject to funding, represented a potential annuity revenue stream of over $0.75 million per annum Ncondezi said.

At 8:41am: [LON:NCCL] Ncondezi Energy Limited share price was 0p at 3.8p

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