Maiden C&I Project Fully Commissioned

Ncondezi Energy Limited (“Ncondezi” or the “Company”) (AIM: NCCL) is pleased to provide an update on the commissioning of its maiden Commercial and Industrial (“C&I”) 400kWP solar and 912kWh battery storage project in Mozambique (the “Project”).

Highlights

• Project has been operational since 1 September 2021
• Project was fully commissioned on 12 October 2021 following final installation handover to the Project power offtaker
• Project has been financed through a 15 year Asset Finance Agreement with first payment expected in October 2021
• Project is a fully off grid solution which includes a 400kWp solar PV installation plus 912kWh battery storage, and is targeting generation of up to 600MWh and CO2 savings up to 517t per annum

Following reaching commercial operation date (“COD”) the Company is actively exploring refinancing options for the US$500,000 bridge loan announced on 4 May 2021 which is now repayable on 9 November, being 20 business days after COD, after which it is convertible into shares in Ncondezi Green Power, the Groups’ subsidiary. The Board is focused on finding a refinancing solution which is non-dilutive to shareholders of Ncondezi in-line with previous commitments. Further updates will be provided in due course.