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Ncondezi and SEP sign term sheet

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World Coal,

Chinese energy company, Shanghai Electric Power, and Ncondezi Energy, the developer of the Ncondezi power plant in Mozambique, have signed a Shareholders Agreement Term Sheet on a recent visit to Maputo

The term sheet is an important step towards completing the Joint Development Agreement for the Ncondezi project.

The company’s also met with Mozambique’s Ministers of Mineral Resources and Energy and Finance, Electricity de Mozambique (EdM) and the Chinese Embassy. The delegations were let by SAP Chairman Wang Yundan and Michael Haworth, Chairman of Ncondezi Energy.

“SEP has a strong desire to work with Ncondezi and the Mozambican Government to generate power as soon as possible,” said Wang. “The preparatory work is in the advanced stages following significant collaboration between the SEP and Ncondezi technical teams.”

“SEP is the right partner to facilitate the development of the Ncondezi Project and brings significant development and operational experience to the project,” said Haworth.

The Ncondezi project includes an integrated thermal coal mine and power plant of an initial 300 MW.

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