Ncondezi agrees non-binding offer with GE and CMEC
Published by Claire Cuddihy,
Ncondezi Energy Ltd has signed a non-binding offer with China Machinery Engineering Corp. (CMEC) and General Electric (GE) South Africa Ltd at a formal signing ceremony in Beijing, China.
The signing of the non-binding agreement follows the previous announcement on 20 October 2017 that the parties had agreed in principle to the stated terms.
The indicative offer makes way for their entry into exclusive negotiations to develop, construct and operate the integrated Ncondezi 300 MW coal-fired power plant and opencast coal mine in Tete, Mozambique (together known as the integrated project).CMEC and GE South Africa were selected as preferred partners to develop the integrated project due to their leading experience in the energy sector and specific experience developing projects in Mozambique.
Under the agreement, Ncondezi Energy has now granted exclusivity to CMEC and GE South Africa until 30 April 2018 to conclude a binding joint development agreement and tender on the EPC and O&M contracts for the integrated project, subject to the offer not being terminated by CMEC and GE South Africa following their due diligence or by Ncondezi Energy if the two companies fail to submit binding offers for EPC and O&M in accordance with agreed timelines.
Read the article online at: https://www.worldcoal.com/coal/10112017/ncondezi-agrees-non-binding-offer-with-ge-and-cmec/
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