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5 Year PPA Finalised with Statkraft for Bordersley

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RNS Number : 3786D
Kibo Energy PLC
25 June 2019
 

Kibo Energy PLC

(Incorporated in Ireland)

Registration Number: 451931

Share code on the JSE Limited: KBO

Share code on the AIM: KIBO

 ISIN: IE00B97C0C31

("Kibo" or "the Company")

 

Dated: 25 June 2019

 

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

Five-Year PPA Finalized with Statkraft Markets GmbH

for UK Reserve Power Generation Project, Bordersley

 

Kibo Energy PLC, 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 UK reserve power generation market.

 

Highlights

·    Five-year Power Purchase Agreement ('PPA') with Statkraft Markets GmbH for planned 5MW Bordersley Reserve Power generation project

·    Key commercial milestone reached as MED focuses on the commercial commissioning of Bordersley end Q1 2020

 

Louis Coetzee, CEO of Kibo Energy, commented, "Finalizing 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. 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."

 

Details

As part of its strategy to develop a portfolio of small-scale Reserve Power generation projects, initially in the UK, MED has today concluded negotiations for a five-year Power Purchase Agreement ('PPA') for its Bordersley project with Statkraft Markets GmbH, a leading provider of long-term PPA's and have agreed to execute the PPA finalized today, on 01 July 2019.

 

Bordersley is MED's first shovel-ready site targeted for commercial commissioning end Q1 2020, which will comprise a 5MW gas-fuelled power generation plant. Under the terms of the PPA, MED will be responsible for the operation and maintenance of Bordersley, and Statkraft Markets GmbH will engage in providing a comprehensive solution including feedstocks (gas) and trading the power generated at Bordersley

 

Statkraft Markets GmbH is engaged in trading power and fuels in continental Europe as well as emission certificates worldwide. It is part of the Statkraft Group (Statkraft AS, Oslo/Norway), the largest European producer of renewable energy, and is a significant player on the European energy trading exchanges with particular know-how in physical and financial energy trading as well as in the bilateral electricity market.

 

**ENDS**

 

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

 

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 / Beth Melluish

+44 (0) 20 7236 1177

St Brides Partners Ltd

Investor and Media Relations Adviser

 

Notes

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 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

25 June 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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