Kibo Energy PLC (LON:KIBO) announced that its 60%-owned UK subsidiary, MAST Energy Developments Limited has secured an exclusive option for the potential acquisition of three peaking power sites totalling 31.3 megawatts (MW).
The multi-asset, energy company said it has paid a nominal fee to undertake due diligence and negotiate the deal.
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It added that MED has until 31 January 2019 to complete its due diligence on the first 5.3 MW, 11 KVA site and until 15 February 2019 on the other two sites, 6MW, 11KVA and 20MW, 33KVA respectively.
Kibo said it believes that subject to due diligence outcomes, these sites may have the potential to lead to revenue generation for the group during the latter part of 2019.
It noted that despite entry into the option, no assurance can be provided that a commercial transaction will ultimately be concluded with the counterparty, or on what terms. The company said it will provide further updates as required.
Louis Coetzee, Kibo Energy’s CEO commented: "Successful completion of due diligence and this potential acquisition by MED would be a significant step closer towards realising Kibo's first near-term revenue generating assets."