News Release
Notice of EGM - Change of Name - Solgenics Limited
13 February 2023: Ncondezi Energy Limited ("Ncondezi" or the "Company") (AIM:NCCL) the African power development company focused on renewable energy solutions, provides notice of an Extraordinary General Meeting ("EGM") of Ncondezi Energy Limited to be held at 2.00 p.m. SAST (12.00 p.m.GMT) at The Silo Hotel, Silo Square, V&A Waterfront, Cape Town, 8001, South Africa on 28 February 2023.
At the EGM, the Company is seeking shareholder approval to change its name to Solgenics Limited, reflecting the Company's transition into a dedicated renewable energy development company.
Notice convening the EGM is being posted today to shareholders of the Company and will shortly be available on the Company's website at http://www.ncondezienergy.com/general-meetings.aspx.
The Company's primary focus is the delivery of its 300MW solar PV plus BESS renewable energy project in the Tete Province in northern Mozambique (the "Tete Solar Project"), and has delivered material de risking milestones over the last 2 months, including:
· Completion of the Tete Solar Project Feasibility Study
· Completion of Environmental and Social Impact Assessment Red Flag Review
· Completion of Transmission Integration Study and receipt of approval from state power utility Electricidade de Moçambique ("EDM")
· Receipt of exclusive use land rights for generation of solar energy at the proposed project site
Commenting on the proposed name change, Hanno Pengilly, CEO, said: "The proposed name change to Solgenics reflects our updated mission to develop innovative power supply solutions for affordable and reliable electricity in Africa, utilising the latest sustainable technologies. We will do this by focusing on the development of grid scale renewable energy projects in the southern African region, predominantly using solar and battery storage solutions.
Solgenics also provides a clear signal to investors, Governments and potential offtake partners that we are committed to developing clean, green power projects.
To further support the transition, the Company has launched an ESG audit which will review the Company's exposure to environmental, social and governance risks and set out a realistic action plan to demonstrate that the Company understands the issues and the opportunities it faces and has the correct systems, policies and practices in place to manage ESG effectively.
Our flagship Tete Solar Project continues to make rapid progress and will support Mozambique's ambition to be a regional leader in green energy transition. We continue to progress offtake discussions and are reviewing additional development work streams which can be launched in parallel to ensure that we maintain momentum. We look forward to providing further updates in the near future."
The Company continues to recognise the importance of ongoing engagement with shareholders and will host an online investor meeting, open to all existing and potential Shareholders on 28 February 2023 at 3.00 p.m. SAST (1.00 p.m. GMT). On the call, Ncondezi CEO Hanno Pengilly will provide an update on the business followed by a question and answer session. Participants are requested to register their interest in attending and submit questions in advance via email to info@ncondezienergy.com by no later than 3.00 p.m. SAST (1.00 p.m.GMT) on 26 February 2023. Dial in details for the conference call will be sent to registered attendees on or before 27 February 2023.
Enquiries
For further information please visit www.ncondezienergy.com or contact:
| Ncondezi Energy | Hanno Pengilly | +27 (0) 71 362 3566 |
|
Liberum Capital Limited
| Scott Mathieson, Edward Thomas, Kane Collings | +44 (0) 20 3100 2000 |
| Novum Securities Limited Joint Broker | Colin Rowbury | +44 (0) 20 7399 9427 |
|
Pimlico Advisory Ltd Investor Relations | Elizabeth Johnson | +44 (0) 777 56 55 927 |
About Ncondezi Energy
Ncondezi is an African renewable energy development company focused on the development of a 300MW solar PV plus BESS renewable energy in the Tete Province in northern Mozambique (the "Tete Solar Project").
It is the intention that the Tete Solar Project will connect to the Mozambique grid with target power off takers
in Mozambique and the Southern African Power Pool ("SAPP").
The Tete Solar Project takes full advantage of Mozambique's leading sustainable energy resources and is fully
aligned with Government's objective to become a champion for energy transition impacting all Southern Africa.
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