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Kibo Energy PLC

Kibo Energy gets greenlight to develop Mbeya for export market

Kibo said the project continues to have significant economic and strategic importance for the company, Tanzania and the region

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It will now seek offtake buyers

Kibo Energy PLC (LON:KIBO) told investors that it has received formal notice from the Tanzanian authorities inviting it to develop the Mbeya coal-to-power project.

TANESCO, the Tanzania Electric Supply Company, has asked the company to develop the project for export market which, Kibo highlights, allows the company to engage with the African Power Pools regarding off-take agreements.

In a statement, Kibo highlighted that Mbeya is a bankable project, fully developed up to bankable feasibility stage, with a potential generating capacity of 1,000 megawatts.

READ: Kibo Energy hires corporate adviser as it eyes US900mln project financing

It said that multiple opportunities exist for the project including three distinct markets - utility, export and private off-take.

TANESCO advised that it is currently implementing interconnectors through Zambia, Tanzania and Kenya enabling power trade within the Eastern African Power Pool and Southern African Power Pool member countries.

Meanwhile, the company also remains engaged with TANESCO regarding possible supply opportunities in Tanzania’s domestic market.

"Our recent correspondence with TANESCO further consolidates our belief that the MCPP continues to have significant economic and strategic importance for the company, Tanzania and the region,” said Louis Coetzee, Kibo chief executive.

“The project is located close to potential private offtake partners with whom the company has already engaged on their significant offtake requirements and TANESCO's active development of the interconnectors brought into play the clear and definite short-term potential for Kibo to actively participate in the growing power export markets.

In addition to engaging potential local private offtake partners, the Company have also initiated contact with the various power pool

Quick facts: Kibo Energy PLC

Price: £0.01

Market: LSE
Market Cap: £6.39 m
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