The London-based company Ncondezi Energy announced that it has agreed with GridX Africa Development to finance the development of a 400 kWp (kilowatt peak) off-grid solar PV facility for a commercial customer in Mozambique.
Ncondezi expects that the project in Mozambique will generate annual revenues of 198,000 US dollars through a fifteen-year fixed price agreement. It added that it would invest 1.1 million dollars into a GridX particular purpose vehicle to fully fund the project.
Ncondezi’s Chief Executive Officer, Hanno Pengilly, stated that the project is one of the first solar PV and battery storage projects of this size in Mozambique. The falling costs of solar and battery storage solutions represent a significant opportunity for Africa, where a large portion of the regional economy is still heavily dependent on expensive diesel generation or weak grid supply.
However, Ncondezi’s primary focus remains on developing a 300-megawatt coal-fired power project in the western Mozambican province of Tete.
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