Ncondezi Energy Ltd (LON:NCCL) said commissioning of its solar power project in Mozambique is on track to meet its revised June 2021 target and a previously announced bridging loan is close to being finalised.
All material equipment, including solar panels and a Tesla Inc Power Pack, have cleared Mozambican customs and are awaiting final transportation to the site.
The construction site has also been cleared and solar panel installation is set to start early this month.
The project is the maiden commercial and industrial project for Ncondezi Green Power (NGP), the company’s renewables subsidiary, and is expected to produce 400,000 kilowatts peak solar power and 912-kilowatt hours of battery storage.
The fully off-grid project was initially due to be commissioned in the second quarter of last year but was delayed due to Coronavirus (COVID-19). The company said last month that construction was set to resume in March and announced the revised commissioning date.
READ: Ncondezi Energy set to restart construction of solar power project in Mozambique
The US$500,000 bridge loan agreement, to finance the balance of construction costs until the project is commissioned, is at an advanced stage and due to be finalised in the coming weeks, the AIM-listed company said today.