Ncondezi: C&I Project Update & Directors Bridge Loan

6th April 2021

Ncondezi Energy Limited (“Ncondezi” or the “Company”) (AIM: NCCL) provides an update on its maiden Commercial and Industrial (“C&I”) 400kWP solar and 912kWh battery storage project in Mozambique (the “Project”) and the proposed US$500,000 bridge loan (the “Bridge Loan”) previously announced on 1 March 2021.

Highlights

  • All material equipment including solar panels and Tesla Power Pack have cleared Mozambican customs and are awaiting final transportation to site
  • Construction site has been cleared with solar panel installation set to start in early April 2021
  • Target Project commissioning on track for June 2021
  • US$500,000 bridge loan full form agreement between wholly owned renewables subsidiary, Ncondezi Green Power, and certain Directors of the Company at an advanced stage and due to be finalised in the coming weeks
  • Bridge Loan being provided to finance the balance of construction costs to commission the Project
  • Bridge Loan expected to constitute an AIM Rule 13 related party transaction and further updates will be provided in due course

More details on the Project and Bridge Loan are available in the Company’s previous Project update announced on 1 March 2021.

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