Uganda: NGOs warn on Virunga drilling

British Virgin Islands-registered Ncondezi Energy Ltd has signed a joint development agreement with China’s Shanghai Electric Power Company Ltd (SEP) for the 300MW Ncondezi coal power project in Tete province. SEP will invest up to $25.5m to cover development costs to financial close in return for a 60% equity stake in the project’s special purpose vehicle Ncondezi Power Company. Ncondezi Energy will retain the remaining 40%.