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Kibo Energy PLC

Update on MAST Energy Developments Limited

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RNS Number : 2785R
Kibo Energy PLC
27 February 2019
 

 

Kibo Energy PLC (Incorporated in Ireland)

(Registration Number: 451931)

(External registration number: 2011/007371/10)

Share code on the JSE Limited: KBO

Share code on the AIM: KIBO

ISIN: IE00B97C0C31

("Kibo" or "the Company")

 

Dated: 27 February 2019

 

Kibo Energy PLC ('Kibo' or the 'Company')

Update on MAST Energy Developments Limited

 

Kibo Energy plc (AIM: KIBO; AltX: KBO), the multi-asset Africa-focused energy company, is pleased to announce an update on its 60% owned subsidiary, MAST Energy Developments Limited ('MED'), a private UK registered company targeting the development and operation of flexible power plants to service the Reserve Power generation market. MED has now signed a binding conditional agreement for the exclusive right to undertake due diligence and negotiate the potential acquisition of five peaking power sites totalling 25.85MW.

 

Under the agreement, MED has secured, at no cost, the exclusive right to acquire five peaking power sites totalling 25.85MW from a prospective developer ("Counterparty"), subject to completion of due diligence to MED/Kibo's satisfaction and subsequent agreement of detailed commercial terms and conditions, including the acquisition price and transaction structure.  The sites range in scale from c.2.5MW to c.7.5MW and are all 11 kilo-volt ampere ('KVA').  MED has until 8 April 2019 to complete its due diligence, with a long stop date for the conclusion of share sale agreements of 31 May 2019.

 

Additionally, as per the announcement dated 30 January, MED has now entered the final stages of the negotiation of the Joint Development Agreement on the first shovel ready site, namely a 5MW, 11 KVA site. Once this negotiation has completed, it shall look to complete negotiations and sign the Joint Development Agreement on the second site

 

Louis Coetzee, CEO of Kibo Energy said: "MED is making excellent progress towards commencing operations later in the year and realising first revenues. This agreement to potentially acquire a further five sites demonstrates MED's commitment to becoming a fully operational and competitive power supplier in the UK Reserve Power generation market.  It is still in the early stages of achieving this, but we could not have hoped for a more successful start than what we have seen over the past three months.

 

The Company is looking forward to updating the market with further progress on MED as well as the Company's continued progress with regard to its Botswana, Mozambique and Tanzanian projects. Regarding the latter, the Company is still awaiting a formal response to its request for clarification from the Tanzania Electricity Supply Company ("TANESCO") as announced in RNS dated 14 February 2019"

 

**ENDS**

 

For further information please visit www.kibo.energy or contact:

 

Louis Coetzee

[email protected].energy

Kibo Energy PLC

Chief Executive Officer

Andreas Lianos

+27 (0) 83 4408365

River Group

Corporate and Designated

Adviser on JSE

Ben Tadd /

Tom Curran

+44 (0) 20 3700 0093

SVS Securities Limited

Joint Broker

Jason Robertson

+44 (0) 20 7374 2212

First Equity Limited

Joint Broker

Andrew Thomson

+61 8 9480 2500

RFC Ambrian Limited

NOMAD on AIM

Isabel de Salis /

Gaby Jenner

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations Adviser

 

Notes to editors

Kibo Energy PLC is a multi-asset, Africa focused, energy company positioned to address the acute power deficit, which is one of the primary impediments to economic development in Sub-Saharan Africa. To this end, it is the Company's objective to become a leading independent power producer in the region.

 

Kibo is simultaneously developing three similar coal-fuelled power projects: the Mbeya Coal to Power Project ('MCPP') in Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in Botswana; and the Benga Independent Power Project ('BIPP') in Mozambique. By developing these projects in parallel, the Company intends to leverage considerable economies of scale and timing in respect of strategic partnerships, procurement, equipment, human capital, execution capability / capacity and project finance. Additionally, the Company will benefit from its robust and experienced international blue-chip partnership network across its project portfolio, which includes: SEPCO III (China), General Electric (USA); Tractebel Engineering (Belgium); Minxcon Consulting (South Africa); ABSA / Barclays Africa; and Hogan Lovells International LLP.

 

Additionally, the Company has a 60% interest in MAST Energy Developments Limited ('MED'), a private UK registered company targeting the development and operation of flexible power plants to service the Reserve Power generation market.

 

Johannesburg

27 February 2019

Corporate and Designated Adviser

River Group


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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