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Kibo Energy PLC

Update on Benga Power Plant Project

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RNS Number : 3959Y
Kibo Energy PLC
08 May 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: 8 May 2019

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

Update on Benga Power Plant Project

 

Kibo Energy PLC, the multi-asset energy company, is pleased to announce an update on its Benga Power Plant Project in Mozambique ('Benga' or 'the Project')

 

The Company is advancing the development of its 65% owned Benga Power Plant Project in Joint Venture with Mozambique energy company Termoeléctrica de Benga S.A, with a view to constructing and operating a 150-300 MW coal-fired power station with feedstock provided by regional coal producers. In line with this, the Company has presented the Definitive Feasibility Study ('DFS') for the Project to the Ministry of Energy and EDM, Mozambique's publicly owned electricity company.  Additionally, under the terms of the existing MOU, power purchase agreement ("PPA") discussions with EDM continue to progress as do those with potential private off-takers.

 

Louis Coetzee, CEO of 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. 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."

 

**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 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

8 May 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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