Kibo Energy PLC Update on MCPP in Tanzania (5789E)
October 19 2018 - 2:00AM
UK Regulatory
TIDMKIBO
RNS Number : 5789E
Kibo Energy PLC
19 October 2018
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 October 2018
Kibo Energy PLC ('Kibo' or the 'Company')
Update on MCPP in Tanzania
Kibo Energy PLC, the multi-asset, Africa focused energy company,
is pleased to announce that it has submitted its formal tender
qualification document ('TQD') to the Tanzania Electricity Supply
Company ('TANESCO') with regards to the Mbeya coal to Power Project
("MCPP"). This is in line with the Tanzanian Government's new
initiative regarding the development of independent power
projects.
Louis Coetzee, CEO of Kibo, said, "Our visionary development
approach has allowed us to develop and forge critical strategic
partnerships very early on in the process and having done all the
definitive feasibility studies, financial modelling, technical
development work and environmental and social impact assessment
certification well in advance, we have been able to submit a TQD of
exceptionally high standard and substance in a very short space of
time, submitting our TQD 24 hours ahead of the submission deadline;
we believe that this will stand us in good stead. We are now
waiting for a definitive date for completion of Phase 1 from
TANESCO but expect this to be completed before end of 2018."
Further Details
The Company's subsidiary, Mbeya Power Ltd, was invited to tender
for power generation of up to 600MW of coal power following the
issue of a Request for Qualification ('RFQ') as the first of a
two-stage competitive bidding process on 18 September 2018. The RFQ
called for an undertaking to do a feasibility study, finance,
build, own, operate and transfer coal power projects of a capacity
not less than 150MW and not more than 300 MW in one location.
The procurement process and status is outline below:
-- Stage 1: Submission of a TQD in response to RFQ by 19 October
2018 followed by RFQ pre-qualification notification to successful
applicants
o Mbeya Power Ltd completed a comprehensive TQD in cooperation
with SEPCOIII and General Electric South Africa in a Joint Bidding
Agreement, supported by Technical advisors, Tractebel Engie and
Legal Advisers Hogan Lovells and Norton Rose Fulbright.
o A definitive date for completion of Phase 1 expected from
TANESCO before the end of 2018.
-- Stage 2: Request for Proposal ('RFP') and submission of a
formal proposal by shortlisted bidders - the expected process is as
follows:
o Release of RFP
o Pre-bid meeting (14 days after releasing RFP)
o Evaluation of technical bid proposals, clarification of
technical bid proposals and selection of bidders that fulfil
technical requirements
o Financial evaluation and negotiations, expected to be
inclusive of PPA, implementation and development agreement
o Issuance of Letters of Intention to award to successful
bidders
o Approvals and necessary clearance
o Issuance of Letters of Award
o Signature of project agreements
**ENDS**
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo.energy Kibo Energy PLC Chief Executive Officer
Andreas Lianos +27 (0) 83 4408365 River Group Corporate and Designated
Adviser on JSE
------------------- ----------------------- -------------------------
Ben Tadd / +44 (0) 20 3700 SVS Securities Limited Joint Broker
Tom Curran 0093
------------------- ----------------------- -------------------------
First Equity Limited Joint Broker
------------------- ----------------------- -------------------------
Andrew Thomson +61 8 9480 2500 RFC Ambrian Limited NOMAD on AIM
------------------- ----------------------- -------------------------
Isabel de Salis +44 (0) 20 7236 St Brides Partners Investor and Media
/ 1177 Ltd Relations Adviser
Gaby Jenner
------------------- ----------------------- -------------------------
Notes to editors
Kibo Energy PLC is a multi-asset, Africa focussed, 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.
Additionally, the Company will benefit from its robust and
experienced international blue-chip partnership network across its
project portfolio, which includes: SEPCO III (China), General
Electric (USA); Tractebel Engineering (Belgium); Minxcon Consulting
(South Africa); ABSA / Barclays Africa; and Hogan Lovells
International LLP.
Johannesburg
19 October 2018
Corporate and Designated Adviser
River Group
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END
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