Ncondezi Energy confirmed it had signed contracts and paid for the services of Synergy Consulting Infrastructure and Financial Advisory Services, which counts its founder and majority shareholder as a director of Ncondezi Energy.

In a related party arrangement, Synergy had since 2016 been providing advice to the company in connection with its 300MW coal-fired power plant in Mozambique and other potential opportunities in the African power sector.

‘The independent directors have evaluated the relevant transactions and, having consulted with its nominated adviser, consider the transactions to have been fair and reasonable insofar as the company’s shareholders are concerned,’ the company said.

At 1:38pm: [LON:NCCL] Ncondezi Energy Limited share price was -0.2p at 4.95p