TIDMNCCL
RNS Number : 6017M
Ncondezi Energy Limited
13 January 2023
News Release
Transmission Route Approved
13 January 2023: Ncondezi Energy Limited ("Ncondezi" or the
"Company") (AIM:NCCL) is pleased to provide an update on its 300MW
solar photovoltaic ("PV") and Battery Energy Storage System
("BESS") project ("the Solar Project") Transmission Integration
Study ("Tx Study") :
Highlights
-- Tx Study to connect the Solar Project into the grid has been approved by Electricidade de Moçambique ("EDM")
-- Tx Study confirms technical viability to evacuate up to 300MW
into the Mozambican grid and the wider southern African region
-- Tx Study confirms optimal technical solution is via a two phased approach
o 1st phase targets a lower cost solution utilising existing
infrastructure for first 100MW
o 2nd phase targets planned infrastructure and will transfer
balance of 200MW whilst also improving voltage control and
stability with lower system losses in the area
-- Tx Study includes 2 connection options for phased development
of the Solar Project up to 300MW
-- EDM's approval allows the Company to engage transmission
infrastructure owners to agree access, and represents a material
de-risking step for potential power off takers
Ncondezi Chief Executive Officer, Hanno Pengilly said: "Approval
of the Solar Project Transmission Integration Study represents a
key development milestone in de-risking the project for potential
power off takers and investors. We have an approved transmission
evacuation technical solution that supports the project at various
sizes up to 300MW, optimised in phases to reduce upfront capex,
particularly for the first 100MW.
Following the approval, the Company is initiating discussions
with transmission infrastructure owners to seek to agree access. We
are confident access will be supported as we believe the Solar
Project will provide significant transmission benefits including
greater energy security, voltage control and stability. We are
targeting an update on this by the end of Q1 2023.
The Solar Project remains regionally strategic given its
location within the Mozambique northern grid and proximity to
critical cross border interconnectors including South Africa,
Zimbabwe and, in the coming years, Malawi. The Company has looked
to capitalise on this by accelerating development work to best
position the Solar Project with potential power off takers whose
off take represents the next crucial milestone in unlocking the
project's potential.
Given the success in delivering critical milestones over the
last 6 months, including the feasibility study and DUAT, the
Company is also assessing other potential workstreams that could be
fast tracked to maintain the Solar Project's competitive position.
More information on this will be provided when the assessment has
been completed."
Transmission Study Overview
A full generation integration study has been completed to
determine the optimal transmission line connection into the
Mozambican grid.
Working with the relevant local authorities, 6 potential
solutions were investigated taking into account potential scaling
of the project, available or under construction transmission
infrastructure and planned generation plants in the region. Results
confirm there is grid capacity for the Solar Project and more than
one feasible evacuation solution. The Solar Project is also suited
to feed power into the Mozambican northern grid as well as
participate in cross border power trading within the Southern
African Power Pool ("SAPP").
Two preferred connection solutions have been identified covering
grid connection distances between 20kms and 40kms. Both options
have been optimised to take into account the proposed phased
approach to generation expansion, which also provides a capex
benefit by spreading the cost of connection over the various
phases. The first phase is expected to handle initial power
generation up to 100MW whilst keeping capex relatively low through
use of existing infrastructure. The second phase will handle the
balance of the 200MW generation capacity and is expected to benefit
the wider region with additional voltage and stability control,
whilst also reducing system losses due to its location which is
closer to load demand centres.
All new equipment will be required to conform with standard EDM
equipment ratings and will comply with relevant Grid Codes.
Enquiries
For further information please visit www.ncondezienergy.com or
contact:
Ncondezi Energy Hanno Pengilly +27 (0) 71 362 3566
Liberum Capital Limited Scott Mathieson, Edward Thomas, +44 (0) 20 3100
NOMAD & Joint Broker Kane Collings 2000
Novum Securities
Limited +44 (0) 20 7399
Joint Broker Colin Rowbury 9427
Pimlico Advisory
Ltd +44 (0) 777 56 55
Investor Relations Elizabeth Johnson 927
This announcement contains inside information for the purposes
of Article 7 of Regulation (EU) No 596/2014 which is part of UK law
by virtue of the European Union (Withdrawal) Act 2018. Upon
publication of this Announcement and such information is now
considered to be in the public domain. The person who arranged for
the release of this announcement on behalf of the Company was Hanno
Pengilly.
About Ncondezi Energy
Ncondezi is an African power development company focused on the
development of renewable energy solutions at its concession located
in the Tete Province, northern Mozambique.
The Company is focused on developing its 300MW solar PV project
with battery energy storage within its Ncondezi mining concession
5967C which covers over 25,000 hectares in the districts of Moatize
and Chiuta in the Tete Province. This is large enough for solar PV
generation potential of over 5,000MW.
It is the intention that the Solar Project will connect to the
Mozambique grid with target power off takers in Mozambique and the
Southern African Power Pool (SAPP).
On 31 October 2022, the Company announced results from its final
draft Solar Project feasibility study ("FS") for up to 300MW solar
PV power plant plus BESS. The FS took a modular design approach to
the Solar Project targeting a total 300MW but assessing in
increments of 30MW, 60MW, 100MW, 200MW and 300MW.
Results from the FS confirmed a technically viable project with
attractive parameters including:
-- No fatal flaws identified on preferred site location
-- Strong solar resource of 1,980kWh/m2 (Global Horizontal Irradiation)
-- High energy yield of over 2,000kWh/kWp confirms top tier performance potential
-- Standardised tier 1 solar PV specifications selected reducing
capex and improving performance
-- Inclusion of BESS provides grid ancillary support and ability to optimise dispatch profile
-- No red flags identified on Environmental and Social Impact Assessment ("ESIA") review
The FS also provided capex and opex estimates for the various
solar PV plant sizes which included latest available data from
recent projects in Mozambique and the region. Capex and opex
figures are estimated to fall within the low to medium range for
solar PV projects globally, and this information was used to update
the Solar Project's financial model and develop a commercially
attractive power tariff for presentation to potential power off
takers.
On 21 November 2022, the Company announced updated valuation
forecasts for 100MW phases up to 300MW, confirming the Solar
Project value potential to shareholders and potential
investors.
On 9 January 2023, the Company announced receipt of an updated
land use agreement, or Direito do Uso e Aproveitamento da Terra
("DUAT") in Mozambique, from the Mozambican Government granting
exclusive use for solar power plant operations at its preferred
site.
The Solar Project is aligned with the Mozambiquan Government's
objective to become a champion for energy transition impacting all
of Southern Africa.
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
RNS may use your IP address to confirm compliance with the terms
and conditions, to analyse how you engage with the information
contained in this communication, and to share such analysis on an
anonymised basis with others as part of our commercial services.
For further information about how RNS and the London Stock Exchange
use the personal data you provide us, please see our Privacy
Policy.
END
MSCBCGDBBDBDGXD
(END) Dow Jones Newswires
January 13, 2023 02:00 ET (07:00 GMT)
Solgenics (LSE:SGN)
Graphique Historique de l'Action
De Avr 2024 à Mai 2024
Solgenics (LSE:SGN)
Graphique Historique de l'Action
De Mai 2023 à Mai 2024