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Kibo Energy completes UK based flexible power acquisition

"This acquisition provides Kibo with the realistic possibility of near-term revenue generating assets"
power
It issued 5.71mln new shares, priced at 5.25p

Kibo Energy PLC (LON:KIBO) told investors that it has completed its acquisition of a 60% interest in Mast Energy Developments (MED), a privately owned UK flexible power firm.

MED aims to develop a portfolio of small-scale power generation assets, and, it has a number of ‘shovel ready’ sites identified in the UK. The projects are expected to be capable of sustaining gas fired power generators and ancillary structures from 20MW upwards.

READ: Kibo eyes revenue streams as it eyes up UK power

It sees Kibo issue 5.71mln new shares, priced at 5.25p, and, the shares will be admitted to trading on AIM on 19 October.

"This acquisition provides Kibo with the realistic possibility of near-term revenue generating assets and enables us to combine our knowledge of the power generation market both in mature and emerging markets,” said Louis Coetzee, Kibo chief executive.

“There is a distinct short-term revenue generating potential in the UK, which is positive for Kibo and importantly all early stage royalties payable to the sellers will be reinvested in Kibo ordinary equity."

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