Scott Fletcher Director Appointment

News Release  

Scott Fletcher Director Appointment

29 October 2020: Ncondezi Energy Limited ("Ncondezi" or the "Company") (AIM: NCCL) announces that further to the announcement made on 13 October 2020 and following the successful completion of the necessary due diligence checks, Scott Fletcher MBE has been appointed as a Non-Executive Director of the Company with immediate effect.

Ncondezi Non-Executive Chairman, Michael Haworth:

"We are delighted to welcome Scott to the Board. As the Company's largest individual shareholder, the appointment demonstrates Scott's further commitment to the Company. Scott is uniquely placed to represent independent shareholder interests as we advance our financing strategy for both Ncondezi Energy and our C&I subsidiary. In the meantime we continue to progress towards completion of the power tariff negotiations for the Ncondezi Power Project and look forward to providing further updates on this over the coming months."

Regulatory disclosures:

The following disclosures in relation to the appointment of Scott Jonathan Fletcher, aged 47, are required pursuant to Schedule 2(g) of the AIM Rules for Companies:

Scott Fletcher is a director of UK Bond Network Group Limited which has been in administration since 1 November 2019. As at 16 April 2020 the estimated outcome statement prepared by the Administrators estimated that there would be insufficient funds available to satisfy all creditors.

Scott Fletcher was a director of RHMD Limited (previously known as Viapost Limited) which was dissolved via liquidation (Creditors' voluntary). Administrators were appointed on 12 October 2009 and the company is now dissolved. There were insufficient funds available to enable a distribution to unsecured creditors.

Scott Fletcher holds 56,913,197 Ordinary Shares in the Company.

Scott Fletcher has confirmed there is no further information to be disclosed in respect of Schedule 2(g) of the AIM Rules for Companies.

Enquiries

For further information please visit www.ncondezienergy.com or contact:

Note:

The information contained within this announcement is deemed by the Company to constitute inside information as stipulated under the Market Abuse Regulation ("MAR"). Upon the publication of this announcement via Regulatory Information Service ("RIS"), this inside information is now considered to be in the public domain. If you have any queries on this, then please contact Hanno Pengilly, Chief Executive Officer of the Company (responsible for arranging release of this announcement) on +27 (0) 71 362 3566.

About Ncondezi Energy

Ncondezi is an African power development company with an advanced staged, integrated 300MW thermal coal power plant and mine project located in the Tete Province, Northern Mozambique.

The Company is focused on providing reliable, affordable and accessible baseload energy to Mozambique and secure against the effects of water drought and intermittency of new renewables. This project supports Mozambique's energy strategy of universal electricity access by 2030. According to the World Bank, only 30% of the Mozambican population had access to energy in 2017. The Ncondezi Project would provide 300MW of reliable and available power helping to close the infrastructure gap of the region and serving as a catalyst for economic development.

The power plant will be designed to be equipped with state-of-the-art emissions controls technologies that will reduce local air pollutants, minimizing the plant's impact on the environment and ensuring its compliance with the most stringent emission standards

In 2019, the Company entered into the Commercial and Industrial ("C&I") renewable and battery storage sector and in October 2019 announced its first investment in an off grid solar battery project. The Company has also secured the right to fund a US$5.5m C&I project development pipeline in Mozambique through a Relationship Agreement with a C&I developer. The move into the C&I solar and battery storage sector offers a significant opportunity for the Company to complement the existing large-scale baseload power project and access near-term low-risk annuity income streams which have significant growth potential.