Hanno Pengilly of Ncondezi Energy provides an update on their solar & battery storage projects

Episode 998,   Nov 02, 2022, 08:25 AM

Hanno Pengilly Chief Executive Officer of Ncondezi Energy #NCCL provides an update on their solar & battery storage projects and progress with the transition of their coal asset.

Highlights

·     Final draft of the Solar Project feasibility study for up to 300MW solar PV power plant plus BESS has been delivered by WSP Group Africa

·  FS confirms a technically viable and attractive project, including:

o Preferred site location selected within Ncondezi Mining Concession area with no fatal flaws identified

o Phased expansion potential between 30MW to 300MW

o Strong solar resource of 1,980kWh/m2 (Global Horizontal Irradiation)

o High energy yield of over 2,000kWh/kWp confirms top tier performance potential

o Inclusion of BESS provides grid ancillary support and ability to optimise dispatch profile

o Standardised tier 1 solar PV specifications selected reducing capex and improving performance

o No red flags identified on Environmental and Social Impact Assessment ("ESIA") review

·     FS confirms additional specifics that are expected to further drive a competitive tariff offering, including:

o Updated capex projections falling within the low to medium range for solar PV projects globally

o Potential for 20% to 30% capex savings through economies of scale generated by phasing the Solar Project in 100MW phases

o Existing development work enables fast tracking of specific work streams to Financial Close ("FC") saving costs and time

o Inclusion of BESS provides potential for lower cost concessional financing

·     FS indicates phased construction of the Solar Project can deliver first power up to 60MW within 18 months of achieving FC with the full 300MW deliverable over 28 months.

·     Separate grid connection study completed confirming 2 preferred grid connection options:

o Options are optimized for the phased expansion of the Solar Project spreading capex requirements

o Site is situated in close proximity to the cross border interconnectors making it ideal for regional power trading

o Results to be presented to relevant local authorities for approval

·     Updated financial model and tariff proposal targeted during November 2022

·     FS results to be shared with potential off takers to confirm indicative power demand over the coming months

To read the full RNS click here