Of the total, £1mln is being underwritten with directors and management subscribing for a chunk of the other £500,000.
Kibo has recently pivoted its model to focus on sustainable electricity and aims to become a significant energy solutions provider in Africa.
Louis Coetzee, chief executive, says the plan for Kibo is to:
- Guarantee long term sustainability and affordability in electricity supply;
- Act as key catalyst for socio-economic development priorities in the various project jurisdictions; and
- Give priority to implement energy solutions and strategies that will ensure the lowest possible environmental impact.
“To enable and execute this strategy, within the space of 18 months, we built a well-diversified portfolio, and concurrently developed it to bankable feasibility level, except for the MCIPP, which is at feasibility level.
“2019, in turn, delivered the first key successes towards the execution of our corporate strategy; the first HoT power purchase agreements and HoT definitive coal supply agreements across various projects were entered into and others are in an advanced stage of negotiation.”