Ncondezi Energy Limited provided an update on its pipeline of solar and battery storage projects in the Commercial and Industrial sector. NGP and CPL have signed the binding CPL Relationship Agreement giving NGP a right of first refusal to fund up to USD 5.5 million of CPL developed Projects in Mozambique. Under the agreement, CPL has identified 6 Initial Projects for development with a combined potential installed PV capacity of 2.8MWp and 6.2MWh battery storage. Capital costs range from USD 250,000 to USD 2.1 million. Should these Initial Projects meet the minimum KPI's and NGP exercise its right to fund, it would represent a potential annuity revenue stream of over USD 750,000 per annum. Each Project must meet a minimum set of KPIs before being presented to NGP for funding. These minimum KPIs include: Project must be located in Mozambique; Project size between USD 100,000 and USD 10,000,000; Use of proven technology; Minimum post tax unlevered equity IRR of at least 10% to Ncondezi; Minimum credit requirements met; Bankable offtake denominated in USD; Completion of credit checks on potential clients with additional credit support in place where required; Finalised Engineering Procurement and Construction and Operations & Maintenance contracts in place; and All consents and permits required to start construction in place. NGP will have the right to fund 100% of each Project's equity requirement, and Projects will be assessed for funding on a project by project basis. NGP will look to identify the optimal financing strategy for each Project and will look at both debt and equity options with gearing of up to 50%. Discussions with potential investors and debt providers to date have been positive as investment mandates and appetites to fund energy access and renewable power projects continues to grow. The first Projects are anticipated to be presented for funding review by NGP during second half of 2021. If a Project does meet the minimum KPIs, NGP has the right not to fund that Project without any penalty. However, should NGP elect not to fund any further Projects that meet the minimum KPIs, it will lose its ROFR over the remaining Projects. If a Project does not achieve the KPIs within the proposed time frame allocated, CPL has the ability to substitute that Project for alternative projects. As part of its ordinary course business as a developer, CPL is entitled to a capped development fee for each Project that Ncondezi funds, included as part of the Project capital cost. CPL is expected to provide management and operations & maintenance services for each of the Projects that achieves financial close in accordance with market-related commercial terms for projects of a similar nature, contracting directly with the power offtaker. Certain incentives to encourage CPL to achieve the best returns for each Project, will be paid through a profit sharing mechanism where an equity IRR hurdle of above 10% is achieved by NGP. The CPL Relationship Agreement will expire at the earlier of Ncondezi financing USD 5.5 million of Projects or 24 months from the date of entering into the CPL Relationship Agreement.