Kibo Energy PLC (LON:KIBO)

Kibo Energy PLC (LON:KIBO)


Share Price
0.85 p
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Market Cap
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Kibo Energy PLC RNS Release

Kibo Engages Wimmer Financial LLP


RNS Number : 5307W
Kibo Energy PLC
17 April 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: 17 April 2019

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

Kibo Signs Corporate Finance Engagement Letter with Wimmer Financial LLP for Project Financing of its African Energy Projects

 

Kibo Energy PLC ("Kibo" or the "Company"), the multi-asset, Africa focused, energy company, is pleased to announce that it has signed a Corporate Finance Engagement Letter (the "Engagement Letter") with Wimmer Financial LLP ("Wimmer").

 

The Engagement Letter with Wimmer governs the appointment of Wimmer to advise Kibo on and manage all aspects related to the structuring and provision of a project finance corporate credit line facility of up to USD 900 million which 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. Under the terms of the Engagement Letter Wimmer will assume the position of exclusive Sole Global Debt Corporate Finance Adviser, excluding the Company's Tanzania project on which Wimmer will not enjoy any exclusivity.

 

Background on Wimmer Financial

 

Wimmer Financial is part of the Wimmer Group and 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. The current main focus is global project and acquisition financing for larger transactions typically from $ 50 million and larger.

 

The Wimmer Group also includes Wimmer Family Office which conducts the family office principal investments into companies and external funds as well as Wimmer Horizon which invests into systematic and quantitative investment strategies.

 

Louis Coetzee, CEO of Kibo, said: "Kibo is very pleased to have signed a formal Engagement Letter with an outstanding financial services provider like Wimmer. 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."

 

**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

Per Wimmer

(+44) 207 432 7500

Wimmer Financial

Sole Global Project Debt Corporate Finance Advisor

 

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; 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

17 April 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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