13th Feb 2023 11:48
(Alliance News) - Ncondezi Energy Ltd on Monday called an extraordinary general meeting for shareholders to approve changing its name to Solgenics Ltd.
Ncondezi Energy said it will hold the EGM on February 28.
The Africa-focused company explained that the name change reflects its transition into a dedicated renewable energy development company.
It added that its primary focus is the delivery of its 300 megawatt solar PV plus BESS renewable energy project in the Tete province in northern Mozambique.
Chief Executive Hanno Pengilly 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."
Ncondezi Energy also said it has launched an environmental, social and governance audit, which will review its exposure to risks and set out an "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.
Shares in Ncondezi Energy were unchanged at 0.85 pence each in London on Monday around midday.
By Sophie Rose, Alliance News reporter
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