Ncondezi Energy Ltd, in a May 7 news release said that it has signed an agreement to potentially fund a pipeline of solar and battery storage projects in Mozambique valued at $5.5 million.
The company said it has finalized a binding agreement with GridX Africa Development under which Ncondezi has the right, but not the obligation, to fund a pipeline of solar and battery storage projects in the commercial and industrial sector.
Ncondezi has a right of first refusal to fund 100% of the projects up to a total of $5.5 million. The projects include a diversified portfolio of seven identified potential projects with a combined potential installed solar capacity of 2.8 megawatt peak and 4.5 megawatt hour of battery storage.
The company said initial projects are at an early stage of development with first funding requirement not expected until the either Q4 or Q1 2021.