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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(2,758)(1,051)
Loss before tax(3,480)(1,695)
Non current assets18,27218,313
Cash & Equivalents424614
Total Assets18,75019,010
(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

Morningstar (23 October 2019)

Ncondezi Energy Inks Pact To Develop Solar Project In Mozambique:

“Ncondezi Energy Ltd on Wednesday said it has entered into an agreement with Mauritius-based renewables firm GridX Africa Development to finance and develop a solar battery project in Mozambique.”


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