Ncondezi Energy signs consultancy agreement with Synergy

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Ncondezi Energy Ltd (LON:NCCL) has signed a Master Services Agreement with Synergy Consulting to provide financial and transaction advisory services in regard to the integrated 300MW coal fired Ncondezi power project and coal mine in Tete, Mozambique.

The agreement covers potential advisory services to the project up to financial close, including the finalisation of a power tariff with Electricidade de Moçambique, negotiations with China Machinery and Engineering Corporation on project subscription price, negotiations with lenders for debt financing, and capital raising for Ncondezi’s equity contribution.

Synergy has significant project experience, having assisted the company in achieving major milestones to date, including negotiation of 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,” said Ncondezi chief executive Hanno Pengilly.

Synergy is a leading international project finance advisory firm specialising in the power sector with over US$50bn worth of transactions closed across the globe. In Mozambique, Synergy has extensive experience advising on a number of projects. This includes advisory services to Ncondezi, where Synergy has acted as financial advisor to the Project on various mandates since 2016.

Having delivered the required Project studies and proposals to EDM during December 2020, the next

In addition to the main project, the Master Services Agreement also includes the provision of capital raising services for the company’s renewable energy business.

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