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Ncondezi Energy (AIM: NCCL) is an African power development company with an advanced staged, integrated 300MW thermal coal power plant and mine project located in the Tete Province, Northern Mozambique.

The Company is focused on providing reliable, affordable and accessible baseload energy which will secure against the effects of water drought and intermittency of new renewables. This project supports Mozambique’s energy strategy of universal electricity access by 2030. According to the World Bank, only 30% of the Mozambican population had access to energy in 2017. The Ncondezi Project would provide 300MW of reliable and available power helping to close the infrastructure gap of the region and serving as a catalyst for economic development.

The power plant will be designed to be equipped with state-of-the-art emissions controls technologies that will reduce local air pollutants, minimizing the plant’s impact on the environment and ensuring its compliance with the most stringent emission standards

In April 2019 the Company announced a proposed Joint Venture with GridX Africa Power Development to enter into the Commercial and Industrial (“C&I”) renewable and battery storage sector and in October 2019 announced their first investment in an off grid solar battery project. The move into the C&I solar and battery storage sector offers a significant opportunity for the Company to complement the existing large-scale baseload power project and access near-term low-risk annuity income streams which have significant growth potential.


Michael Haworth (NE Chairman): 20 yrs’ mining experience.  Currently a Senior Partner and Co-Founder of Greenstone Resources.

Hanno Pengilly (Chief Executive Officer): 
Prior to joining Ncondezi in 2010, he was an investment banker at JP Morgan, predominantly focused on natural resources.

NED’s: Aman Sachdeva & Scott Fletcher MBE


Total admin expenses & loss from ops(1,903)(1,618)
Loss before tax(2,813)(12,298)
Non current assets19,37119,032
Cash & Equivalents853752614
Total Assets20,33619,780
(Loans & borrowings)5,0154,234
(Total Liabilities)(5,508)(4,620)

Peer Group

MC Mining (AIM: MCM) – Coal mining in South Africa

OPG Power Ventures (AIM: OPG) – Operator of power plants in India

Power Metal Resources (LON: POW) – exploration for key metals used in power generation, transmission, storage & utilisation

Major Shareholders

Directors’ Holdings
Michael Haworth – 5.16%

Africa Finance Corporation – 16.92%
S J Fletcher – 16.22%
Hargreaves Lansdown – 12.73%
Polenergia International- 8.96%

Macro Indicators

The World Bank

“World Bank Provides $420 million to Help Mozambique Strengthen Domestic and Regional Electricity Supply”

The Board of Executive Directors of the World Bank Group today approved a total amount of $420 million of International Development Association (IDA)* grants and guarantees to strengthen Mozambique’s transmission capacity for domestic and regional markets and increase electricity generation capacity through private sector investment. The project will also benefit from a co-financing of $24 million grant from a Norwegian Trust Fund

Media Coverage

Renewables Now (June 2021) “Ncondezi, Nesa plan to launch solar, storage JV in southern Africa”:

“African power development company Ncondezi Energy Ltd this week announced that its renewables subsidiary signed a term sheet with Johannesburg-based investor Nesa to negotiate setting up a solar and storage-focused joint venture (JV) in the southern Africa’s commercial and industrial (C&I) sector.

Through 100%-owned Ncondezi Green Power (NGP), the company signed a pact with Nesa Capital (Pty) Ltd and Nesa Engineering (Pty) Ltd, which gives the parties exclusivity to form the JV and raise capital for its business.

For starters, the new entity would have NGP’s 400-kWp solar PV and 0.9-MWh battery storage project currently under construction and its project pipeline in Mozambique. Nesa would contribute its C&I renewable energy management team, its EPC business and its C&I pipeline in South Africa, which totals 91.6 MWp of solar PV and 7.3 MWh of battery storage.”


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