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Kibo Energy secures deal with Balance Power to build pipeline of power plant sites

The company said that its UK subsidiary, MAST, is currently on track to roll out its initial 100MW reserve power portfolio

Kibo Energy PLC - Kibo Energy secures deal with Balance Power to build pipeline of power plant sites

Kibo Energy PLC (LON:KIBO) has strengthened its relationship with developer Balance Power with an agreement for a pipeline of ‘shovel ready’ power plant sites in the UK.

Louis Coetzee, the energy firm’s chief executive, said the deal will provide the company’s UK-based subsidiary, MAST Energy Developments, with “a steady flow of shovel ready sites, enabling it to rapidly build an initial portfolio of 100 [megawatt] reserve energy projects in the UK”.

READ: Kibo Energy boasts "excellent headway" on UK gas power plant

The company said that MAST is currently on track to roll out the 100MW portfolio, while its power plant in Bordersley is scheduled for commercial commissioning at the end of the first quarter of 2020.

"[MAST] is progressing at a tremendous pace; we are delighted to be on that journey with its team and look forward to 2020 with confidence", Coetzee said.

Quick facts: Kibo Energy PLC

Price: 0.602 GBX

LSE:KIBO
Market: LSE
Market Cap: £7.57 m
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