Proactive Investors - Run By Investors For Investors

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
greenlight
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

View full KIBO profile View Profile

Kibo Energy PLC Timeline

Related Articles

Drilling equipment on a Yandal site last year in 2018
January 09 2019
The ASX newcomer is backed by Northern Star Resources which holds a 15% stake.
EV being charged in European city
March 03 2019
Drilling, metallurgical test work and pilot processing for the Wolfsberg DFS are on the company’s agenda in 2019.
Project map showing two JORC resources
January 21 2019
The project has upside potential for larger porphyry copper‐gold discoveries.

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use