Chinese energy company Shanghai Electric Power (SEP) and Ncondezi Energy this week signed a shareholders agreement term sheet in Maputo, Mozambique, marking a significant step towards the completion of the joint development agreement for the planned 300 MW Ncondezi coal-fired power project, in Tete province.
SEP chairperson Wang Yundan and Ncondezi chairperson Michael Haworth also met with Mozambique government representatives in Maputo to provide an update on the progress of and future plans for the project, including development timelines, financing, construction and the operation of the plant.
Key meetings were also held with the Minister of Mineral Resources and Energy, the Minister of Finance, State power utility Electricity de Mozambique and the Chinese embassy.
“SEP has a strong desire to work with Ncondezi and the Mozambique government to generate power as soon as possible. The preparatory work is in the advanced stages following significant collaboration between the SEP and Ncondezi technical teams,” commented Yundan.
“SEP is the right partner to facilitate the development of the Ncondezi project and brings significant development and operational experience to the project. SEP and Ncondezi are aligned in their target to complete the development phase of the project and reach financial close,” added Haworth.