British company Ncondezi Energy, formerly the Ncondezi Coal Company, has reached an agreement on the shareholder structure of the 300-megawatt coal-fired power plant due to be built in Mozambique’s Tete province, the company said in a statement.
Under the terms of an agreement reached Thursday, state electricity company Electricidade de Moçambique (EDM) will have the right to an initial 5 percent stake in the vehicle company that will build the plant and have an option to acquire a further 10 percent “at market prices”.
The agreement also outlines that 5 percent of the vehicle company will be earmarked for Mozambican citizens who will be able to buy them at market prices within a five-year period that begins after the power plant starts operating.
This project by Ncondezi Energy to build a thermal power plant will make use of thermal coal mined in Ncondezi and is planned to be built in 300 megawatt units until it reaches total production of 1,800 megawatts. (macauhub)