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Update on MCPP

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RNS Number : 3640X
Kibo Energy PLC
29 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: 29 April 2019

 

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

Update on MCPP

 

Kibo Energy PLC, the multi-asset, Africa focused energy company, is pleased to announce that it has received formal notice from the Tanzania Electric Supply Company Limited ('TANESCO') inviting it to develop the Mbeya Coal to Power Project (the 'MCPP' or the 'Project') for the export market and thereby enabling the Company to engage with the African Power Pools regarding off-take agreements. 

 

As per the announcement dated 8 March 2019, the MCPP remains a bankable project, fully developed up to bankable feasibility stage, with a potential generating capacity of 1000MW; multiple opportunities exist for the Project including three distinct markets: utility, export and private off-take. The existing acute undersupply of power within Tanzania and the Southern Africa region, means that there is an urgent demand for electricity and given that Tanzania has a target to deliver approximately 880MW for the export market for the period 2020-2040, the MCPP is perfectly positioned to help meet this demand. 

 

The Company has received confirmation from TANESCO that it can develop the MCPP for the export market.  TANESCO has advised the Company 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. TANESCO has recommended that the Company engage these Power Pools to ensure participation in the high demand export market. Furthermore, the Company also remains engaged with TANESCO, regarding potential energy supply opportunities to the domestic market. 

 

Louis Coetzee, CEO of Kibo Energy, commented, "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. 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 pools referred to above.

 

Our recent appointment of Wimmer Financial LLP, to manage the structuring and provision of a project finance corporate credit line facility of up to USD 900 million, will help to secure our debt requirements for all our African energy projects and forms an important part of our adjusted strategic focus for the MCPP.

 

It is also important to note that the initiative referred to above is not subject to any TANESCO tender process / procedure and entirely unrelated and independent from the tender referred to in the RNS of 14 February 2019 and the clarification request mentioned therein.

 

I look forward to updating shareholders with details of our progress on the MCPP power offtake market development and on development progress across our portfolio during this very busy time for the Company."

 

*ENDS**

 

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

 

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 energy company focused on progressing a diverse portfolio of advanced power generation and mining projects in Sub-Saharan Africa and the UK, utilising established international relationships with key development partners.  It is simultaneously developing three coal-fuelled power projects in Africa: the Benga Independent Power Project in Mozambique; the Mabesekwa Coal Independent Power Project in Botswana; and the Mbeya Coal to Power Project in Tanzania. Additionally, the Company has a 60% interest in MAST Energy Developments Limited, a private UK registered company targeting the development and operation of flexible power plants to service the Reserve Power generation market. 

 

Johannesburg

29 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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