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Kibo Energy surges as subsidiary inks exclusive agreement to acquire five UK power plants

The energy firm said under the agreement MAST had secured the exclusive right to acquire the plants at no extra cost from a prospective developer
Power plant
The five 'peaking' plants carry a total capacity of 25.85 megawatts

Kibo Energy PLC’s (LON:KIBO) shares surged in late-morning trading Wednesday after its subsidiary, MAST Energy Developments, secured a deal to acquire five ‘peaking’ power plants in the UK.

The energy firm said under the agreement MAST had secured the exclusive right to acquire the plants, which carry a total capacity of 25.85 megawatts, at no extra cost from a prospective developer.

WATCH: Kibo Energy not dependent on one project - Coetzee

MAST has until 8 April to complete its due diligence for the deal.

‘Peaking’ power plants are so-called as they generally only run when there is high demand for electricity, also known as peak time, which normally occurs in the morning, late afternoon, and evenings.

Kibo added that MAST had also entered the final stages of negotiations around a joint development agreement for the first shovel ready site, having previously reported good progress in January.

Louis Coetzee, chief executive of Kibo, said MAST was making “excellent progress” toward beginning operations later in the year and generating first revenues.

Shares were up 13% at 0.85p.

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