Kibo Energy Shares Rise on Signing of Term-Sheets with Vale in Mozambique
September 05 2019 - 4:47AM
Dow Jones News
By Oliver Griffin
Shares in Kibo Energy PLC (KIBO.LN) rose Thursday after the
company said it has signed a power-purchase term sheet and a
coal-supply term sheet with Vale SA's (VALE) business in Mozambique
for its Benga Power Plant Project.
The Africa-focused energy company said the power-purchase term
sheet is for an offtake agreement for 37% of the power that it
expects to generate in the first phase of the Benga Power Plant
Project, in which it holds a 65% stake.
Kibo Energy also said that under the terms of the coal-supply
term sheet, Vale will supply the total coal requirement for the
plant over its modelled 25-year life.
The signing of the term sheets will pave the way for further
integration possibilities between Vale and Kibo Energy, the company
said.
Shares at 0813 GMT were up 6.7% at 0.80 pence.
Write to Oliver Griffin at oliver.griffin@dowjones.com;
@OliGGriffin
(END) Dow Jones Newswires
September 05, 2019 04:32 ET (08:32 GMT)
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