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Ncondezi Energy Signs Services Agreement with Synergy Consulting

Updated: 22 Jul 2021

Ncondezi Energy (LON: NCCL) said on Tuesday that it has signed a Master Services Agreement (MSA) with Synergy Consulting to provide financial and transaction advisory services to the Group.

The services will be for the integrated Ncondezi 300MW coal-fired power project and coal mine in Tete, Mozambique.

Under the agreement, the advisory services will include the finalisation of the project power tariff with Electricidade de Moçambique (EDM), negotiations with China Machinery and Engineering Corporation on the project subscription price, talks with project lenders for debt financing and capital raising for Ncondezi'a equity contribution towards the project.

Synergy is an international project finance advisory firm specialising in the power sector with over US$50bn worth of transactions closed globally.

They have significant project experience, having helped the company achieve key milestones to date, including negotiating the Joint Development Agreement with CMEC and the tariff submission to EDM.

“Synergy has provided Project advisory services since 2016 and brings a wealth of expertise to our development team,” commented Ncondezi's Chief Executive Officer, Hanno Pengilly.

“Today's announcement highlights the Company's clearly laid out plan to achieve Financial Close and importantly ensures that sufficient resources are available to deliver on future key value enhancing Project milestones,” added Pengilly.

Ncondezi's share price has made slight gains following the news, up 2.33% at 4.40p.

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