Proactiveinvestors United Kingdom Kibo Energy PLC https://www.proactiveinvestors.co.uk Proactiveinvestors United Kingdom Kibo Energy PLC RSS feed en Tue, 16 Jul 2019 03:42:48 +0100 http://blogs.law.harvard.edu/tech/rss Genera CMS action@proactiveinvestors.com (Proactiveinvestors) action@proactiveinvestors.com (Proactiveinvestors) <![CDATA[News - Kibo Energy inks collaboration with STEAG ]]> https://www.proactiveinvestors.co.uk/companies/news/223906/kibo-energy-inks-collaboration-with-steag-223906.html Kibo Energy PLC (LON:KIBO) has inked a collaboration deal with STEAG which envisages a co-operation to develop the AIM-firm’s energy portfolio.

The company said that the partnership with the STEAG Energy Service (SES) group, as independent power producer, is a "significant step in incorporating world class operating and engineering expertise, experience and capability to Kibo's strategic development capacity". 

It noted that the SES portfolio includes a wide range of power generation technology including amongst others fossil fuel and renewable energies.

READ: Kibo surges as application for Mbeya licence is converted

“We are pleased to have the confidence of SES which is testament to the progress and value proposition of the Kibo Energy project portfolio,” said Louis Coetzee, Kibo chairman.

“Kibo will benefit greatly from the experience of SES, specifically in respect of managing and operating utility scale power plants.

“Should SES be awarded an O & M contract on any of the Kibo projects we are confident that the quality, intensity and dedication that SES employ on their own power projects would be replicated on Kibo's to great benefit.

“What is perhaps most exciting is the depth of knowledge and wide range of skills and experience that SES brings with them. SES is a leading contributor in the implementation of sustainable energy solutions.”

Coetzee added: “The company has recently taken great strides forward in strengthening and increasing its strategic capacity and capability for the successful delivery of the projects currently in its portfolio, but equally important, to enable the continued growth of the portfolio.

“In this regard we are particularly encouraged by recent feedback from the company's two biggest shareholders stating their continued support to the company and their intention to continue holding their substantial holdings in Kibo."

]]>
Mon, 15 Jul 2019 09:39:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/223906/kibo-energy-inks-collaboration-with-steag-223906.html
<![CDATA[RNS press release - Strategic Partnership STEAG ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190715090502_14149139/ Mon, 15 Jul 2019 09:05:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190715090502_14149139/ <![CDATA[News - Kibo Energy surges as application for Mbeya mining licence converted for “more efficient” approach ]]> https://www.proactiveinvestors.co.uk/companies/news/223608/kibo-energy-surges-as-application-for-mbeya-mining-licence-converted-for-more-efficient-approach-223608.html Kibo Energy PLC (LON:KIBO) shares surged on Tuesday after its special mining licence (SML) application for the Mbeya coal to power project in Tanzania was converted into seven applications to create a “more efficient” approach.

The Africa-focused energy company said the decision to split the SML into seven mining licence applications was the product of “constructive and co-operative interaction” with the Tanzanian Mining Commission and would be a more efficient and effective approach under prevailing legislation to licence the project area for commercial mining.

READ: Kibo Energy acquires 100% interest in Bordersley reserve power generation project

Louis Coetzee, Kibo’s chief executive, noted that the change in approach has provided “further clarity” on the development of the Mbeya project and would provide “a very welcome gain in forward momentum”.

“The conversion of the SML-application into seven ML-applications demonstrates the willingness and commitment of the Mining Commission to cooperate with investors under the latest mining legislation and to find practical solutions in the interest of all stakeholders in order to stimulate the mining industry in Tanzania”, the CEO said.

In late afternoon trading, shares in Kibo Energy were up 9.1% at 0.9p.

]]>
Tue, 09 Jul 2019 14:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/223608/kibo-energy-surges-as-application-for-mbeya-mining-licence-converted-for-more-efficient-approach-223608.html
<![CDATA[RNS press release - Update on Mbeya Coal Mining Licence Application ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190709143501_14142126/ Tue, 09 Jul 2019 14:35:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190709143501_14142126/ <![CDATA[RNS press release - Five-Year PPA Executed with Statkraft Bordersley ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190702093504_14133029/ Tue, 02 Jul 2019 09:35:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190702093504_14133029/ <![CDATA[RNS press release - Availability of 2018 Annual Report ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190628070006_14128166/ Fri, 28 Jun 2019 07:00:06 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190628070006_14128166/ <![CDATA[News - Kibo Energy acquires 100% interest in Bordersley reserve power generation project ]]> https://www.proactiveinvestors.co.uk/companies/news/222853/kibo-energy-acquires-100-interest-in-bordersley-reserve-power-generation-project-222853.html Kibo Energy PLC (LON:KIBO) has moved to take a direct 100% interest in the Bordersley reserve power generation project acquired by its MAST Energy Developments subsidiary last week.

The AIM-quoted company already owned a 60% interest in the project through its 60% stake in MAST, which acquired the 5-megawatt gas-fuelled plant for £175,000 last week.

READ: Kibo’s MAST Energy subsidiary finalises 5-year PPA at Bordersley power project

Kibo is now paying up to £2.4mln in shares to acquire the remaining 40% interest.

“We are delighted to take a direct 100% interest in Bordersley, having significantly de-risked this shovel-ready site and met all our working capital requirements for the next 18 to 24 months,” said Kibo chief executive Louis Coetzee.

“With the right partners also in place, including EPC contractor, owners engineer and a power purchase agreement with Statkraft, we anticipate commencing commercial commissioning at the end of Q1 2020; 100% of revenues generated from Bordersley will now flow to the Kibo bottom line and make a marked contribution to the group's ongoing funding requirements.”

Shares issued at a high premium

In return for the additional stake, Kibo will issue 46.1mln shares to MAST’s other shareholders at a price of 5.25p apiece – five times Tuesday’s closing price.

The shares will be issued in five separate tranches, with each tranche subject to various construction milestones.

As the sole interested party in Bordersley, Kibo will receive all of the revenue generated from Bordersley, which is due to be commissioned in the first quarter of 2020.

The company expects revenues from the project to “contribute significantly” to Kibo’s ongoing funding requirements.

Kibo shares surged 28.3% to 1.35p shortly after the news broke.

]]>
Wed, 26 Jun 2019 10:20:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222853/kibo-energy-acquires-100-interest-in-bordersley-reserve-power-generation-project-222853.html
<![CDATA[RNS press release - Direct 100% Interest in Power Generation Project ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190626094502_14125151/ Wed, 26 Jun 2019 09:45:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190626094502_14125151/ <![CDATA[News - Kibo Energy’s MAST Energy subsidiary finalises 5-year PPA at Bordersley power project ]]> https://www.proactiveinvestors.co.uk/companies/news/222785/kibo-energys-mast-energy-subsidiary-finalises-5-year-ppa-at-bordersley-power-project-222785.html Kibo Energy PLC’s (LON:KIBO) 60%-owned MAST Energy Developments subsidiary has finalised a five-year power purchase agreement (PPA) for its Bordersley Reserve Power generation project.

MAST acquired the 5-megawatt gas-fuelled plant for £175,000 last week and has moved quickly to finalise the PPA with Norwegian fuel and energy trader Statkraft Markets.

READ: Kibo's MAST subsidiary completes acquisition of Bordersley power site

Kibo said the deal marked a “key commercial milestone” for MAST, which is targeting the commercial commissioning of the project by the end of March 2020.

Under the terms of the PPA, MAST is responsible for the operation and maintenance of Bordersley, while Statkraft will provide the feedstock (gas) and trade the power generated.

“Finalising a PPA with a global player such as Statkraft is a key deliverable in terms of the overall Project Management Plan at Bordersley to deliver a technically and commercially viable project, thereby solidifying the platform for long term revenue creation as of Q1 2020,” said Kibo chief executive Louis Coetzee.

“With a portfolio exceeding 12 TWh from over 400 customers, Statkraft is a natural partner for us and we are delighted to be working with its team.”

Kibo shares were up 7.7% to 1.05p in afternoon trading on Monday.

]]>
Tue, 25 Jun 2019 14:55:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222785/kibo-energys-mast-energy-subsidiary-finalises-5-year-ppa-at-bordersley-power-project-222785.html
<![CDATA[RNS press release - 5 Year PPA Finalised with Statkraft for Bordersley ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190625135002_14123937/ Tue, 25 Jun 2019 13:50:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190625135002_14123937/ <![CDATA[News - Kibo Energy inks collaboration for renewable energy storage ]]> https://www.proactiveinvestors.co.uk/companies/news/222669/kibo-energy-inks-collaboration-for-renewable-energy-storage-222669.html Kibo Energy PLC (LON:KIBO) told investors that it has signed a collaboration agreement with ESS Tech Inc for the development of electricity storage technology.

The company highlighted that the move is in line with its strategy of incorporating long-term renewable energy solutions into its existing coal power projects.

It opens new avenues for Kibo in terms of renewable co-generation, Kibo added.

"The inclusion of renewable energy into power station designs allows for higher availability figures from a technical point of view and provides better fundability options,” said chief executive Louis Coetzee.

READ: Kibo Energy results highlight ‘transformational’ progress

“With this in mind and given that storage capacity is an essential component of realising renewable energy in base-load applications, we are delighted to have access to ESS's technology.

“This opens new avenues for Kibo in terms of renewable co-generation with our coal power projects, an idea which is currently being developed for first application in the Benga power plant project, and ultimately provides us with a significant advantage over competitors.”

Coetzee added: “The addition of ESS to our partner team is a massive opportunity to establish the notion of co-located renewable and clean-burning fossil fuel base-load energy towards a single combined objective: sensible, sustainable, economic growth.

“ESS has a good understanding of the developing world; we are delighted to be working with its team and look forward to building a mutually beneficial relationship."

Kibo’s financial results for 2018, released earlier today, highlighted a period described by the company as a "transformational" year.

]]>
Mon, 24 Jun 2019 10:22:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222669/kibo-energy-inks-collaboration-for-renewable-energy-storage-222669.html
<![CDATA[RNS press release - Renewable Energy Solution Partnership ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190624093003_14121575/ Mon, 24 Jun 2019 09:30:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190624093003_14121575/ <![CDATA[News - Kibo Energy results highlight ‘transformational’ progress ]]> https://www.proactiveinvestors.co.uk/companies/news/222641/kibo-energy-results-highlight-transformational-progress-222641.html Kibo Energy PLC (LON:KIBO) has reported on what it described as a "transformational" year, with its financial results statement highlighting a number of key company milestones.

It expanded and diversified with the acquisition of the Mabesekwa coal independent power project in Botswana, the Benga power plant project in Mozambique, and a controlling interest in Mast Energy Developments Limited in the UK.

READ: Kibo lifted as MAST Energy completes Bordersley acquisition

The company’s original asset, the Mbeya coal to power project, received approval from Tanzania regulator TANESCO giving it permission to develop the mine project for the export market – after it did not qualify as a preferred applicant for thermal coal power in Tanzania.

The Benga project advanced with the completion of a feasibility study and its submission to the Mozambique authorities. Elsewhere, a scoping study was completed for Mabesekwa and a feasibility study is underway.

Kibo sold its interests in the Haneti nickel project to Katoro Gold, in line with its strategy to become a dedicated energy development company.

“2018 was transformational for the company as we reoriented our business and implemented our strategy to be a global energy developer with multiple power projects focused primarily on Africa,” said chairman Christian Schaffalitzky.

“This strategy has helped us to spread country and project risk and should present us with many opportunities within the strongly growing African energy sector.

He added: “The country diversification offered by our current African project portfolio is strategically positioned to help insulate the company from sovereign risk whilst also granting us the opportunity to participate in the opportunity arising from sub-Saharan Africa's urgent and increasing demand for reliable, sustainable and affordable electricity.”

In terms of financial results, the pre-revenue group reported a £4.03mln loss for the twelve months ended 31 December 2018, compared to a £4.51mln loss in the preceding year. At the end of 2018, Kibo had £654,158 of cash.

]]>
Mon, 24 Jun 2019 07:32:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222641/kibo-energy-results-highlight-transformational-progress-222641.html
<![CDATA[RNS press release - Results for the Year Ended 31 December 2018 ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190624070008_14120868/ Mon, 24 Jun 2019 07:00:08 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190624070008_14120868/ <![CDATA[News - Kibo lifted as subsidiary MAST Energy completes acquisition of Bordersley Power site ]]> https://www.proactiveinvestors.co.uk/companies/news/222599/kibo-lifted-as-subsidiary-mast-energy-completes-acquisition-of-bordersley-power-site-222599.html Kibo Energy PLC’s (LON:KIBO) 60%-owned subsidiary, MAST Energy Developments Limited, has completed its acquisition of special purpose vehicle (SPV) Bordersley Power Limited.

The energy firm said under the deal, which was originally announced in May, MAST had acquired a 5 megawatt gas-fuelled power generation plant, which was targeting commercial commissioning at the end of the first quarter of 2020, as well as an option to lease the land for a project site and offers to connect to the electrical and gas grids.

READ: Kibo Energy surges as UK subsidiary agrees to acquire 5MW gas-fuelled power plant

MAST has paid £175,000 in cash for Bordersley in addition to £2,000 in reimbursement costs to the SPV vendor related to the gas grid connection offer.

The company added that negotiations were now underway with German energy trader Statkraft Markets for a power purchase agreement.

Louis Coetzee, Kibo’s chief executive, said the acquisition was “a key milestone” in MAST’s efforts to become a key player in the UK’s flexible power market.

In late-afternoon trading on Friday, Kibo’s shares were up 5.1% at 1p.

]]>
Fri, 21 Jun 2019 14:59:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/222599/kibo-lifted-as-subsidiary-mast-energy-completes-acquisition-of-bordersley-power-site-222599.html
<![CDATA[RNS press release - Closing on Acquisition of Bordersley Power Site ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190621142004_14120404/ Fri, 21 Jun 2019 14:20:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190621142004_14120404/ <![CDATA[RNS press release - Issue of Shares in lieu of cash ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190617101503_14113225/ Mon, 17 Jun 2019 10:15:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190617101503_14113225/ <![CDATA[RNS press release - TR 1: Major Holdings Notification ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190607153501_14103683/ Fri, 07 Jun 2019 15:35:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190607153501_14103683/ <![CDATA[News - Kibo Energy says base case model demonstrates economic robustness and viability of Benga Power Plant ]]> https://www.proactiveinvestors.co.uk/companies/news/221708/kibo-energy-says-base-case-model-demonstrates-economic-robustness-and-viability-of-benga-power-plant-221708.html Kibo Energy PLC (LON:KIBO) said an independent Base Case Financial Model has been completed for its 65%-owned Benga Power Plant in Mozambique, with initial findings demonstrating the economic robustness and viability of the project.

The AIM-listed firm also noted that internal research on renewable energy and storage options indicate promising opportunities for optimisation in terms of plant availability and limiting greenhouse gas emissions.

READ: Kibo Energy surges as UK subsidiary agrees to acquire 5MW gas-fuelled power plant

The company added that it continues to advance its strategy focused on constructing and operating a 150-300 MW coal-fired power plant at Benga with fuel provided by local coal producers.

It pointed out that talks over a Coal Supply Agreement term sheet with a supplier, and over a Power Purchase Agreement term sheet with a private off-taker for 35-40% of generation capacity are both advancing.

Louis Coetzee, Kibo Energy CEO commented, "The stars are aligning for our major new energy project in Mozambique, Benga, as we continue to advance in its development. 

“Whilst in the past, we have labelled the Project as a thermal coal power project, in reality, it could encompass much more, as our own research on renewable energy and storage options indicate. 

“However, our current priority is to complete term sheets for coal supply and power purchase agreements; I am pleased to say that discussions are progressing well for both.  I look forward to updating shareholders on further progress soon."

]]>
Fri, 07 Jun 2019 07:49:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/221708/kibo-energy-says-base-case-model-demonstrates-economic-robustness-and-viability-of-benga-power-plant-221708.html
<![CDATA[RNS press release - Update on Benga Power Plant Project ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190607073004_14102746/ Fri, 07 Jun 2019 07:30:04 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190607073004_14102746/ <![CDATA[News - Kibo Energy surges as UK subsidiary agrees to acquire 5MW gas-fuelled power plant ]]> https://www.proactiveinvestors.co.uk/companies/news/220688/kibo-energy-surges-as-uk-subsidiary-agrees-to-acquire-5mw-gas-fuelled-power-plant-220688.html Kibo Energy PLC’s (LON:KIBO) shares surged on Tuesday after it said its 60%-owned UK subsidiary, MAST Energy has entered into an agreement to acquire a 5 megawatt gas-fuelled power plant.

The AIM-listed firm said the sale and purchase agreement with Bordersley Power Limited would also include an option to lease the land for a project site as well as offers to connect to the electrical and gas grids.

READ: Kibo Energy says Benga power plant project is advancing ahead of schedule

One the deal is completed, MAST will pay £175,000 for the plant, as well as £2,000 in costs relating to the gas connection.

Subject to a successful closure of the deal, Kibo said MAST would target commercial commissioning of the project toward the end of 2019 or early 2020.

“This initial strategic acquisition made by MAST Energy Developments is a key milestone as they advance on their strategy to become a key player in the UK flexible power generation market”, said Louis Coetzee, Kibo’s chief executive.

In late morning trading, Kibo shares were up 15.4%.

]]>
Tue, 21 May 2019 11:38:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/220688/kibo-energy-surges-as-uk-subsidiary-agrees-to-acquire-5mw-gas-fuelled-power-plant-220688.html
<![CDATA[RNS press release - Update on MAST Energy Developments Limited ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190521105001_14081869/ Tue, 21 May 2019 10:50:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190521105001_14081869/ <![CDATA[News - Kibo Energy says Benga power plant project is advancing ahead of schedule ]]> https://www.proactiveinvestors.co.uk/companies/news/219891/kibo-energy-says-benga-power-plant-project-is-advancing-ahead-of-schedule-219891.html Kibo Energy PLC (LON:KIBO) said its 65%-owned Benga power plant project is advancing well ahead of its development schedule.

In a joint venture with Mozambique energy company Termoeléctrica de Benga S.A, Kibo is working towards the construction of a 50-300 MW coal-fired power station with feedstock provided by regional coal producers.

READ: Kibo Energy boosted as it completes DFS at Benga power plant ahead of schedule

Kibo has presented a definitive feasibility study on the project to Mozmabique’s ministry of energy and state-owned electric utility, Electricidade de Mocambique (EDM).

Under the terms of an existing memorandum of understanding, power purchase agreement (PPA) discussions with EDM continue to progress as do those with potential private off-takers, Kibo said.

"Working in Mozambique has been notably straightforward as evidenced by the timely advancement of Benga which is currently advancing well ahead of the company's development schedule for the project,” said Kibo chief executive Louis Coetzee.

“The project is gaining increasing recognition as a notable energy project in Mozambique and the support and feedback we have received on the project so far is highly encouraging. 

“We look forward to updating the market further on our progress including negotiations on the PPA."

]]>
Wed, 08 May 2019 13:50:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219891/kibo-energy-says-benga-power-plant-project-is-advancing-ahead-of-schedule-219891.html
<![CDATA[RNS press release - Update on Benga Power Plant Project ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190508130001_14066783/ Wed, 08 May 2019 13:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190508130001_14066783/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429164149_14056060/ Mon, 29 Apr 2019 16:41:49 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429164149_14056060/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429163629_14056050/ Mon, 29 Apr 2019 16:36:29 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429163629_14056050/ <![CDATA[RNS press release - Second Price Monitoring Extn ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429110536_14055399/ Mon, 29 Apr 2019 11:05:36 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429110536_14055399/ <![CDATA[RNS press release - Price Monitoring Extension ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429110146_14055394/ Mon, 29 Apr 2019 11:01:46 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429110146_14055394/ <![CDATA[News - Kibo Energy gets greenlight to develop Mbeya for export market ]]> https://www.proactiveinvestors.co.uk/companies/news/219248/kibo-energy-gets-greenlight-to-develop-mbeya-for-export-market-219248.html Kibo Energy PLC (LON:KIBO) told investors that it has received formal notice from the Tanzanian authorities inviting it to develop the Mbeya coal-to-power project.

TANESCO, the Tanzania Electric Supply Company, has asked the company to develop the project for export market which, Kibo highlights, allows the company to engage with the African Power Pools regarding off-take agreements.

In a statement, Kibo highlighted that Mbeya is a bankable project, fully developed up to bankable feasibility stage, with a potential generating capacity of 1,000 megawatts.

READ: Kibo Energy hires corporate adviser as it eyes US900mln project financing

It said that multiple opportunities exist for the project including three distinct markets - utility, export and private off-take.

TANESCO advised that it is currently implementing interconnectors through Zambia, Tanzania and Kenya enabling power trade within the Eastern African Power Pool and Southern African Power Pool member countries.

Meanwhile, the company also remains engaged with TANESCO regarding possible supply opportunities in Tanzania’s domestic market.

"Our recent correspondence with TANESCO further consolidates our belief that the MCPP continues to have significant economic and strategic importance for the company, Tanzania and the region,” said Louis Coetzee, Kibo chief executive.

“The project is located close to potential private offtake partners with whom the company has already engaged on their significant offtake requirements and TANESCO's active development of the interconnectors brought into play the clear and definite short-term potential for Kibo to actively participate in the growing power export markets.

In addition to engaging potential local private offtake partners, the Company have also initiated contact with the various power pool

]]>
Mon, 29 Apr 2019 08:41:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/219248/kibo-energy-gets-greenlight-to-develop-mbeya-for-export-market-219248.html
<![CDATA[RNS press release - Update on MCPP ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429080003_14055059/ Mon, 29 Apr 2019 08:00:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190429080003_14055059/ <![CDATA[News - Kibo Energy appoints corporate finance adviser to look into an up to US900mln project finance corporate credit line facility ]]> https://www.proactiveinvestors.co.uk/companies/news/218788/kibo-energy-appoints-corporate-finance-adviser-to-look-into-an-up-to-us900mln-project-finance-corporate-credit-line-facility-218788.html Kibo Energy PLC (LON:KIBO) shares soared higher on Wednesday after news it has appointed Wimmer Financial LLP to advise the company on, and manage all aspects related to the structuring and provision of a project finance corporate credit line facility of up to US$900mln.

The group said the facility could form part of a broader funding package for the construction and commissioning of Kibo's African energy projects as they approach a final investment decision.

READ: Kibo Energy CEO, Louis Coetzee, reviews a year of progress

It said the current main focus is global project and acquisition financing for larger transactions typically from $50mln and larger.

Under the terms of the corporate finance engagement letter, Wimmer will assume the position of exclusive Sole Global Debt Corporate Finance Adviser, excluding the company's Tanzania project, on which it will not enjoy any exclusivity.

Wimmer is a global boutique investment bank with a focus within mining, oil & gas, alternative energy, real estate, infrastructure, aviation, shipping, aerospace, industrials, and other sectors.

Louis Coetzee, CEO of Kibo, said: "This formal engagement with Wimmer follows several months of discussion and negotiation and we are looking forward to working with Wimmer on securing the Company's debt requirements for its African energy projects."

In late afternoon trading, Kibo Energy shares were nearly 98% higher at 2.17p.

]]>
Wed, 17 Apr 2019 15:37:00 +0100 https://www.proactiveinvestors.co.uk/companies/news/218788/kibo-energy-appoints-corporate-finance-adviser-to-look-into-an-up-to-us900mln-project-finance-corporate-credit-line-facility-218788.html
<![CDATA[RNS press release - Kibo Engages Wimmer Financial LLP ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190417150002_14045138/ Wed, 17 Apr 2019 15:00:02 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190417150002_14045138/ <![CDATA[RNS press release - Updated Corporate Presentation ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190411084503_14037448/ Thu, 11 Apr 2019 08:45:03 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190411084503_14037448/ <![CDATA[RNS press release - Update re SEPCOIII Strategic Development Agreement ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190403080001_14026858/ Wed, 03 Apr 2019 08:00:01 +0100 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190403080001_14026858/ <![CDATA[News - Kibo Energy regroups around new projects after Mbeya setback ]]> https://www.proactiveinvestors.co.uk/companies/news/217153/kibo-energy-regroups-around-new-projects-after-mbeya-setback-217153.html  

What it is developing

Two thermal coal power projects in Botswana (Mabesekwa) and Mozambique (Benga).

A UK focused flexible energy portfolio (MAST)

Advanced coal-to-power project in Tanzania (Mbeya).

Katoro Gold (57.6%), separately listed on AIM and a gold explorer with two gold projects in Tanzania

 

How is it doing

At Benga (Kibo 65%) the company is now working on finalising the coal supply agreement and power purchase agreement with private off-takers.

Mabesekwa (85%) is at the feasibility stage, following the completion of a mining scoping study, which highlighted a 30-year life of mine, and a power pre-feasibility study indicating maximum power capacity of 600 megawatts (MW) based on a coal delivery rate of 3.2mln tonnes a year.

Mast (60%) has identified various "shovel ready" sites capable of sustaining gas-fired power generators and ancillary structures from 20Mw upwards with the acquisition of first sites expected shortly.

In Tanzania, Mbeya has been knocked by the decision by state electricity group TANESCO not to buy any power produced at the power station. Kibo is now looking to private off-takers and export markets for Mbeya.

 

What the boss says

“We have four key projects which we are developing in parallel: two thermal coal power projects in Botswana and Mozambique, a UK focused flexible energy portfolio and an advanced coal-to-power project in Tanzania.

"Each holds significant value, which I don't believe is reflected in the current share price”

 

Video

 

 

Inflection points

The definitive feasibility study at Benga to be published after the company received a report earlier than expected in March

Power purchase agreements signed for Benga

First sites acquired for MAST generators

Off-takers for Mbeya signed

Progress at Katoro Gold’s two main licences

 

Blue sky

Designs for Mbeya and Benga chosen as a blueprint for other thermal power station developments in southern Africa

Intervention business in UK to grow substantially

At 0.75p, company is valued at £5.8mln

]]>
Mon, 25 Mar 2019 15:01:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217153/kibo-energy-regroups-around-new-projects-after-mbeya-setback-217153.html
<![CDATA[News - Kibo Energy CEO, Louis Coetzee, reviews a year of progress ]]> https://www.proactiveinvestors.co.uk/companies/news/217097/kibo-energy-ceo-louis-coetzee-reviews-a-year-of-progress-217097.html Kibo Energy PLC (LON:KIBO) has sent a letter to shareholders in which chief executive, Louis Coetzee, detailed the progress the company has made.

“We have four key projects which we are developing in parallel: two thermal coal power projects in Botswana and Mozambique, a UK focused flexible energy portfolio and an advanced coal-to-power project in Tanzania. Each holds significant value, which I don't believe is reflected in the current share price,” Coetzee declared.

READ: Kibo Energy boosted as it completes DFS at Benga power plant ahead of schedule

The Benga Independent Power Project in Mozambique, in which Kibo has a 65% interest, is progressing rapidly, Coetzee said.

The company is now working on finalising the coal supply agreement for the project as well as the power purchase agreement with private off-takers.

The Mabesekwa Coal Independent Power Project in Botswana, in which Kibo has an 85% interest, is currently at the feasibility stage, following the completion of a mining scoping study, which highlighted a 30-year life of mine, and a power pre-feasibility study indicating maximum power capacity of 600 megawatts (MW) based on a coal delivery rate of 3.2mln tonnes a year.

Kibo's 60%-owned UK subsidiary, Mast Energy Development, is making great strides as it looks to support the UK energy mix with much needed flexible energy projects, Coetzee informed shareholders.

Various "shovel ready" sites have already been identified, capable of sustaining gas-fired power generators and ancillary structures from 20MW upwards and the company is close to completing the acquisition of the first sites.

READ:Kibo Energy looking for clarification as TANESCO rejects tender bid

Amid the generally positive news flow, a major fly in the ointment has been the decision from Tanzania's TANESCO that it will not be buying any electricity produced at the company’s Mbeya Coal to Power project in Tanzania.

Coetzee said the outcome of the tender process was disappointing but stressed that the value of the Mbeya assets should not be written off.

“Its strategic location close to potential private off-take partners and the export market provides many opportunities to commercialise the project, which we are actively pursuing,” Coetzee reassured shareholders.

“These are major projects that aren't going to evolve overnight; it takes time to navigate the intricate agreements needed to bring them to commercialisation. We have, and continue to, hit all our targets in a timely manner, and whilst we have good relationships with the various governments and international organisations, we cannot dictate their timetables or actions,” Coetzee said.

“Our strength lies in our diversity and we look forward to updating you on progress across our substantial portfolio throughout the year,” he concluded.


 

]]>
Mon, 25 Mar 2019 08:19:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/217097/kibo-energy-ceo-louis-coetzee-reviews-a-year-of-progress-217097.html
<![CDATA[RNS press release - Letter to Shareholders ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190325070012_14013415/ Mon, 25 Mar 2019 07:00:12 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190325070012_14013415/ <![CDATA[News - Kibo Energy boosted as it completes DFS at Benga power plant ahead of schedule ]]> https://www.proactiveinvestors.co.uk/companies/news/216912/kibo-energy-boosted-as-it-completes-dfs-at-benga-power-plant-ahead-of-schedule-216912.html Kibo Energy PLC (LON:KIBO) shares were boosted in early deals on Thursday after it completed a definitive feasibility study (DFS) at its Benga power plant in Mozambique ahead of schedule.

The energy firm said in an update that a final review of the DFS was now in progress, with negotiations over coal purchase agreements (CPA) with producers at an “advanced stage”.

READ: Kibo Energy explains rationale behind recent Sanderson transaction

The developments follow an update in January when the company said the DFS was progressing faster than planned and the priority was now to sign agreements with coal suppliers and electricity buyers.

Kibo owns 65% of the 150-300 megawatt coal-fired power Benga development with local power group Termoeléctrica its partner.

The firm added that a meeting with EDM, Mozambique’s state-owned electricity company, was planned for April to present the DFS and negotiate a power purchase agreement (PPA) for electricity generated from the plant, adding that advanced PPA discussions were also ongoing with private providers.

The company was also assessing the integration of renewable technologies at the plant.

Louis Coetzee, chief executive of Kibo, said the PPA discussions and the DFS technical work would allow the company to “align the power station design accurately” with eh requirements of the power purchasers.

“We are confident that this, combined with Kibo's focus on clean-burning coal-fired power generation, will put the Company on the forefront of development in this regard."

Shares were up 8.9% at 0.79p.

]]>
Thu, 21 Mar 2019 08:09:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216912/kibo-energy-boosted-as-it-completes-dfs-at-benga-power-plant-ahead-of-schedule-216912.html
<![CDATA[RNS press release - Update on Benga Power Plant Project ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190321071005_14010062/ Thu, 21 Mar 2019 07:10:05 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190321071005_14010062/ <![CDATA[News - Kibo Energy explains rationale behind recent Sanderson transaction ]]> https://www.proactiveinvestors.co.uk/companies/news/216085/kibo-energy-explains-rationale-behind-recent-sanderson-transaction-216085.html Kibo Energy PLC (LON:KIBO) has explained the rationale behind its recent deal with Sanderson, which saw it issue shares in exchange for the corporate financier’s minority interest in the Mbeya Coal to Power project (MCPP) in Tanzania.

On Tuesday, Kibo issued 126.44mln shares to Sanderson in return for the latter’s 2.5% stake in Mbeya.

READ: Sanderson ups stake in Kibo as it converts minority interest in Mbeya

The transaction valued Mbeya at £66mln – a valuation which Kibo said reflected the “progress made and value added to the MCPP's coal resource since 2016”.

As part of the conversion, Sanderson agreed to provide up to £500,000 of short-term financing, plus up to a further £2.23mln (US$2.94mln) in additional funding.

Because the shares are trading below par value – companies can’t issue shares for below their par value – Kibo has been unable to raise money through an equity placing.

Deal gives Kibo access to money

With few other options on the table, the company said “the certainty and immediate availability” of Sanderson’s money brought with it “considerable value” for shareholders.

“[The Sanderson loan facility] ensures that the company has access to sufficient working capital to continue its operations on its projects even in the very difficult prevailing market conditions and uncertainty that was caused by unforeseen events in Tanzania

“This will enable the company to maintain momentum behind its on-going development work across its African and UK projects while also examining a range of additional funding options.”

Still seeking TANESCO clarification

Kibo’s wide-ranging statement also confirmed that it is still seeking clarification from state-owned power supplier TANESCO, which last month said it would not be buying any of the electricity produced at MCPP.

The news was a blow to Kibo, but the company has insisted that all is not lost and that it could develop MCPP as a dedicated coal mine without the attached power plant.

Should that happen, it would look to supply the coal into the local and regional markets.

Kibo shares edged 1.6% higher to 0.91p on Friday morning.

]]>
Fri, 08 Mar 2019 09:56:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/216085/kibo-energy-explains-rationale-behind-recent-sanderson-transaction-216085.html
<![CDATA[RNS press release - Update Conversion of Sanderson Interest in Mbeya ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190308081502_13995313/ Fri, 08 Mar 2019 08:15:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190308081502_13995313/ <![CDATA[News - City financier Sanderson ups stake in Kibo Energy as it converts minority interest in Mbeya ]]> https://www.proactiveinvestors.co.uk/companies/news/215808/city-financier-sanderson-ups-stake-in-kibo-energy-as-it-converts-minority-interest-in-mbeya-215808.html Corporate financier Sanderson Capital has converted its 2.5% minority interest in Kibo Energy PLC’s (LON:KIBO) Mbeya Coal to Power project (MCPP) in Tanzania into Kibo shares.

In return for giving up its 2.5% stake, Sanderson has been issued with 126.44mln Kibo shares, valuing Mbeya at £66mln.

READ: Kibo looking for clarification as TANESCO rejects tender bid

The new shares mean Sanderson, which will retain a 0.3% royalty on future profits from Mbeya, now owns a 23.4% stake in AIM-quoted Kibo.

Sanderson has the option to appoint a non-executive director to the Kibo board.

Should it look to sell down any of its stake, Sanderson will have to give Kibo five days’ notice.

This will allow Kibo’s brokers time to find buyers for the shares which should help to ensure that trading in the stock continues as normal.

As part of the conversion, Sanderson has agreed to provide up to £500,000 of short-term financing, plus up to a further £2.23mln (US$2.94mln) in additional financing. Kibo is not obliged to draw down any of the available funding.

‘True cornerstone institutional investor’

“We are very pleased with the agreement reached with Sanderson to convert its underlying interest in Mbeya Development into Kibo PLC shares,” said chief executive Louis Coetzee.

“Sanderson will now become a true cornerstone institutional investor in Kibo and we are optimistic that Sanderson will also defend its shareholding position in future bringing further stability to the company's ongoing funding position.

“We also see this as a strong signal to the market of Sanderson's confidence in Kibo's project portfolio which continues to advance on multiple fronts as we seek to address the critical requirement for energy security in sub-Saharan Africa by becoming a leading regional power producer.”

Kibo shares jumped 21% to 1.15p in late-morning trading on Tuesday.

]]>
Tue, 05 Mar 2019 11:31:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215808/city-financier-sanderson-ups-stake-in-kibo-energy-as-it-converts-minority-interest-in-mbeya-215808.html
<![CDATA[RNS press release - Conversion of Sanderson Minority Interest in Mbeya ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190305104502_13990674/ Tue, 05 Mar 2019 10:45:02 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190305104502_13990674/ <![CDATA[News - Kibo Energy surges as subsidiary inks exclusive agreement to acquire five UK power plants ]]> https://www.proactiveinvestors.co.uk/companies/news/215407/kibo-energy-surges-as-subsidiary-inks-exclusive-agreement-to-acquire-five-uk-power-plants-215407.html Kibo Energy PLC’s (LON:KIBO) shares surged in late-morning trading Wednesday after its subsidiary, MAST Energy Developments, secured a deal to acquire five ‘peaking’ power plants in the UK.

The energy firm said under the agreement MAST had secured the exclusive right to acquire the plants, which carry a total capacity of 25.85 megawatts, at no extra cost from a prospective developer.

WATCH: Kibo Energy not dependent on one project - Coetzee

MAST has until 8 April to complete its due diligence for the deal.

‘Peaking’ power plants are so-called as they generally only run when there is high demand for electricity, also known as peak time, which normally occurs in the morning, late afternoon, and evenings.

Kibo added that MAST had also entered the final stages of negotiations around a joint development agreement for the first shovel ready site, having previously reported good progress in January.

Louis Coetzee, chief executive of Kibo, said MAST was making “excellent progress” toward beginning operations later in the year and generating first revenues.

Shares were up 13% at 0.85p.

]]>
Wed, 27 Feb 2019 11:03:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/215407/kibo-energy-surges-as-subsidiary-inks-exclusive-agreement-to-acquire-five-uk-power-plants-215407.html
<![CDATA[RNS press release - Update on MAST Energy Developments Limited ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190227102001_13983608/ Wed, 27 Feb 2019 10:20:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190227102001_13983608/ <![CDATA[Media files - Kibo Energy not dependent on one project - Coetzee ]]> https://www.proactiveinvestors.co.uk/companies/stocktube/12248/kibo-energy-not-dependent-on-one-project---coetzee-12248.html Fri, 15 Feb 2019 08:29:00 +0000 https://www.proactiveinvestors.co.uk/companies/stocktube/12248/kibo-energy-not-dependent-on-one-project---coetzee-12248.html <![CDATA[RNS press release - Holding(s) in Company ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190215080001_13970810/ Fri, 15 Feb 2019 08:00:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190215080001_13970810/ <![CDATA[News - Kibo Energy looking for clarification as TANESCO rejects tender bid ]]> https://www.proactiveinvestors.co.uk/companies/news/214637/kibo-energy-looking-for-clarification-as-tanesco-rejects-tender-bid-214637.html Kibo Energy PLC (LON:KIBO) has been dealt a blow after receiving notice from TANESCO that it will not be buying any electricity produced at the company’s Mbeya Coal to Power project in Tanzania.

AIM-quoted Kibo owns a thermal coal deposit near Mbeya in southern Tanzania, where it is developing MCPP – a 250-350 megawatt mouth-of-mine thermal power station.

READ: Kibo re-submits tender qualification document

The Tanzanian government wants to add another 600 megawatts of coal power capacity to the country’s electricity grid, and state-owned TANESCO invited submissions from interested companies.

After a brief delay in the tender process, Kibo submitted its application back in December which, had it been successful, would have seen TANESCO buy electricity produced at MCPP.

But Kibo said today that it has received notice from TANESCO stating that it has not qualified to compete in the next stage of the bidding process.

“TANESCO did not supply the company with ANY reasons/explanation for its decision in their notification letter,” said chief executive Louis Coetzee.

“The company is currently seeking very urgent clarification and explanation from TANESCO in this regard, where after the company will consider its next course of action.”

Kibo shares were down 36% to 1.07p in mid-morning trading on Thursday.

]]>
Thu, 14 Feb 2019 11:12:00 +0000 https://www.proactiveinvestors.co.uk/companies/news/214637/kibo-energy-looking-for-clarification-as-tanesco-rejects-tender-bid-214637.html
<![CDATA[RNS press release - Update on MCPP in Tanzania ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190214101501_13969609/ Thu, 14 Feb 2019 10:15:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190214101501_13969609/ <![CDATA[RNS press release - TR 1: Major Holdings Notification ]]> https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190208104501_13963415/ Fri, 08 Feb 2019 10:45:01 +0000 https://www.proactiveinvestors.co.uk/companies/rns/3803/LSE20190208104501_13963415/