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Kibo Energy says Benga power plant project is advancing ahead of schedule

Kibo Energy said the project is gaining "increasing recognition as a notable energy project in Mozambique".

electricity
Kibo has presented a DFS on the project to Mozmabique’s ministry of energy and state-owned electric utility EDM

Kibo Energy PLC (LON:KIBO) said its 65%-owned Benga power plant project is advancing well ahead of its development schedule.

In a joint venture with Mozambique energy company Termoeléctrica de Benga S.A, Kibo is working towards the construction of a 50-300 MW coal-fired power station with feedstock provided by regional coal producers.

READ: Kibo Energy boosted as it completes DFS at Benga power plant ahead of schedule

Kibo has presented a definitive feasibility study on the project to Mozmabique’s ministry of energy and state-owned electric utility, Electricidade de Mocambique (EDM).

Under the terms of an existing memorandum of understanding, power purchase agreement (PPA) discussions with EDM continue to progress as do those with potential private off-takers, Kibo said.

"Working in Mozambique has been notably straightforward as evidenced by the timely advancement of Benga which is currently advancing well ahead of the company's development schedule for the project,” said Kibo chief executive Louis Coetzee.

“The project is gaining increasing recognition as a notable energy project in Mozambique and the support and feedback we have received on the project so far is highly encouraging. 

“We look forward to updating the market further on our progress including negotiations on the PPA."

Quick facts: Kibo Energy PLC

Price: 0.415 GBX

LSE:KIBO
Market: LSE
Market Cap: £5.18 m
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