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Kibo Energy brings Italian heavyweight as partner in UK intervention operation

Kibo’s UK operation is run through joint venture MAST Energy Developments (MED), where it has a 60% stake.

Kibo Energy PLC -
MED wants a portfolio of intervention power plants

Kibo Energy PLC (LON:KIBO) has formed a partnership with Italian firm AB Group to build flexible power plants in the UK.

The agreement is a critical step towards delivering a fully operational site at Bordesley by the end of the first quarter of 2020, said the energy group.

Kibo’s UK operation is run through joint venture MAST Energy Developments (MED), where it has a 60% stake.

MED intends to build a portfolio of small-scale reserve power generation projects that it will operate and for which AB will provide co-generation plants under rent or an alternative funding option.

Initially, MED will suggest three prospective prospects to AB of which the 5Mw Bordersley project near Birmingham is one.

Louis Coetzee, Kibo’s chief executive, said: "Executing a comprehensive JDA with a global player such as AB, is a key deliverable in terms of the overall development plan for MED.  

"The comprehensive funding solution that forms part of the JDA provides Bordersley and MED with a unique opportunity to potentially have all sites approved for development, fully funded from the outset.

“This provides an opportunity to fast-track the parallel development of sites and simultaneously de-risk the MED overall development strategy.”

Separately, Coetzee said that negotiations are ongoing with Vale Mozambique to finalise the Power Purchase Agreement and Coal Supply Agreements for the Benga Power Plant Project.

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Price: 0.4 GBX

LSE:KIBO
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Market Cap: £4.99 m
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