Kibo Energy PLC Kibo's Renewable Energy Strategy (8690V)
April 19 2021 - 4:10AM
UK Regulatory
TIDMKIBO
RNS Number : 8690V
Kibo Energy PLC
19 April 2021
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
("Kibo" or "the Company")
Dated: 19 April 2021
Kibo Takes Major Step Forward in Execution of the Company's
Renewable Energy Strategy
Kibo Energy PLC ('Kibo' or the 'Company'), the multi-asset,
Africa & UK focused energy company is pleased to announce that
it has commenced an extensive due diligence process in relation to
the potential acquisition of all or part of a prospective portfolio
of UK renewable energy projects.
The opportunity consists of several attractive standalone
renewable energy projects in the UK, focusing on the generation
and/or storage of electric power from renewable generation sources.
The portfolio consists of several waste-to-energy projects in which
the Company has negotiated exclusivity and a first right to
acquire, subject to successful due diligence results and an
agreement on commercial terms and conditions. Any successful
acquisition(s) from the project portfolio will enhance Kibo's
strategy, which is focused on transforming and integrating
conventional energy generation into sustainable renewable energy,
and in the process support the UK's Renewable Energy Strategy.
Kibo has engaged with a specialist company to conduct the
required due diligence and feasibility assessments on the various
projects. This also includes the provisional procurement of
suitable funding instruments to fund the construction and
commissioning of any sites that may be selected for acquisition
from within the portfolio.
It should be noted that the potential renewable energy projects
mentioned above are focussed on the bespoke private offtake market.
These projects are completely unrelated to and commercially and
technically different from the reserve power projects that are
being developed in Mast Energy Developments PLC ("MED") in which
Kibo holds a 55% interest. MED is a specialist reserve / peaking
power company and the stand-alone renewable energy projects
referenced here, falls within an altogether different sector of the
general energy market and are not in any form or manner in
competition with the MED business.
Louis Coetzee, CEO of KIBO said: "This opportunity is in line
with our strategic intent to deliberately and actively transition
from fossil fuel-based energy solutions to sustainable renewable
energy solutions. It also has the potential to significantly
advance and accelerate the development of the Company's renewable
energy project portfolio in the UK and, subject to positive
outcomes from ongoing due diligence and feasibility assessments,
provide the Company with a further source of short-term revenue. We
look forward to updating the market in due course on this potential
new and exciting chapter in the Kibo business".
**ENDS**
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014.
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo .energy Kibo Energy PLC Chief Executive Officer
Andreas Lianos +357 99 53 1107 River Group JSE Corporate and Designated
Adviser
------------------ ------------------- -----------------------------
Claire Noyce +44 (0) 20 3764 Hybridan LLP Broker
2341
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Bhavesh Patel +44 20 3440 6800 RFC Ambrian Ltd NOMAD on AIM
/ Stephen Allen
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Isabel de Salis +44 (0) 20 7236 St Brides Partners Investor and Media Relations
/ Charlotte Hollinshead 1177 Ltd Adviser
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Notes
Kibo Energy PLC is a multi-asset, Africa focused, energy company
positioned to address the acute power deficit, which is one of the
primary impediments to economic development in Sub-Saharan Africa.
To this end, it is the Company's objective to become a leading
independent power producer in the region.
Kibo is simultaneously developing three similar coal-fuelled
power projects: the Mbeya Coal to Power Project ('MCPP') in
Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in
Botswana; and the Benga Independent Power Project ('BIPP') in
Mozambique. By developing these projects in parallel, the Company
intends to leverage considerable economies of scale and timing in
respect of strategic partnerships, procurement, equipment, human
capital, execution capability / capacity and project finance.
Johannesburg
19 April 2021
Corporate and Designated Adviser
River Group
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