Company Announcement: Ncondezi commences EPC selection process in preparation for Power Purchase Agreement negotiations
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Ncondezi Coal Company Limited is pleased to announce that it has commenced the selection process for the engineering, procurement and construction contractor for its 300MW power project, which is located near Tete in northern Mozambique. The EPC’s project capital expenditure quote will form part of the Power Purchase Agreement on which the Company expects to start detailed discussions in the next quarter, following the anticipated receipt of the Power Framework Agreement, a key milestone.
STEAG Energy Services GmbH (“STEAG”), a subsidiary of one of Germany’s largest electricity producers, has been appointed by Ncondezi to conduct the EPC pre-selection process for the 300MW power project. Over 25 EPC firms from around the world have been invited to participate in a pre-selection process and submit indicative capital expenditure estimates and funding proposals. These indicative proposals are expected during Q2 2013, after which Ncondezi and STEAG will select a short list of preferred EPC bidders who will be invited to submit binding, detailed bids during 2H 2013. The binding bids will play a key role in completing the PPA negotiations and project funding. The Company is making good progress with the Mozambican Ministry of Energy regarding the Power Framework Agreement, which is on track for finalisation during the first half of 2013. The Power Framework Agreement is the pre-cursor to a power generation licence and governs the commercial, technical, financial and legal structuring options for the Ncondezi Power Project.
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