Solgenics advances flagship Tete Solar Project in Mozambique
Last updated: 18:00 03 Oct 2023 AEDT, First published: 18:39 25 Sep 2023 AEST
Snapshot
- Solgenics to exit AIM and delist shares
- Solgenics' focus "fully on" Tete Solar Project
About the company
Solgenics Ltd is an innovative power supply solutions company and it is on a mission to deliver affordable and reliable electricity in Africa.
The company's focus is on the development of grid scale renewable energy projects in the southern African region by utilising the latest sustainable technologies.
How it is doing
Solgenics Ltd (AIM:SGN), the company formerly known as Ncondezi Energy, has today announced plans to leave AIM and delist.
The company, in a statement, said continuing its listing is unlikely to provide the company with significantly wider or more cost-effective access to capital than the funding options it already has from majority shareholders in the near to mid-term.
It added that given its current market capitalisation of £3.26mln, its most likely source of future funds will be through private capital.
As a result, the company has decided to cut costs and save the administrative burden on maintaining a listing.
Solgenics Ltd (AIM:SGN), a leading solar energy group, has announced an update on offtake discussions for its flagship renewable energy project, the Tete Solar Project in Mozambique.
The company has signed multiple non-disclosure agreements with potential power offtakers for the first-phase 100MW plant, demonstrating significant progress towards the project's development.
Ncondezi Energy Ltd (AIM:NCCL, OTC:NCDZF) has confirmed its name will change to Solgenics Ltd on Friday, reflecting the company’s efforts to develop “clean, green power projects”.
The African-based AIM-listed energy firm’s ticker symbol will become “SGN” as the change takes effect at 8am on Friday, while Solgenics’ new website is expected to go live on March 6.
What management says
Solgenics Ltd (AIM:SGN) CEO Hanno Pengilly speaks to Proactive's Thomas Warner about the latest news from the 300MW solar PV plus BESS renewable energy in the Tete Province in northern Mozambique.
Pengilly says that although the company "continues to work on [its] legacy assets", its focus is "fully on" the Tete Solar Project.