Lesedi project is set receive a cash boost after Tlou Energy Limited successfully managed to raise gross proceeds of approximately forty million pula (P40 million)- two point six hundred and twenty-five million pounds (£2.625 million). This was pursuant to a placing of seventy-five million (75,000,000) new ordinary shares of no par value at an issue price of fifty-three thebe (P0.53)- zero point zero thirty-five pounds (£0.035) per share.
“Funds raised will go towards development of Tlou’s Lesedi project including construction of transmission lines to connect the Lesedi power project in Botswana to the existing electricity grid at the town of Serowe. The transmission line is a key piece of infrastructure required to transition Tlou to being a power producer and is expected to considerably reduce future funding risk for the Company.” Anthony Gilby- Managing Director.
Lesedi project is a solar power project located in central district between Moralane and Kodibeleng villages. It is set to connect to an existing electricity grid is Serowe in central Botswana. The project is divided into two phases, phase one and phase two.
Phase one involves transmission line construction, sub‐stations, grid connection, electricity generators and potentially the drilling of additional gas wells. The hundred kilometer (100 Km) transmission line will run from the Lesedi project to the town of Serowe where it can access the existing power grid. Initial generation is proposed to be up to two Mega Watts (2MW) of electricity. Funding required for phase one is approximated hundred million pula (P100 million) or ten million United States (U.S) dollars (USD $10m) which will be in stages if need be.
Phase two funding is for the expansion of electricity generation up to ten Mega Watts (10MW). This is planned to include drilling of gas wells and the purchase of additional generation assets. Funding required for phase two is approximately two hundred million pula (P200 million)- twenty million U.S dollars (USD $20m). Upon successful completion of phase one and two, the Company plans to expand the project beyond ten Mega Watts (10MW).
Tlou Energy Limited is a company focused on electricity generation in Botswana and the broader Southern African region through the development of power projects.