Kibo Energy PLC Mast Energy Developments & Bordersley Update (9562N)
May 26 2020 - 8:30AM
UK Regulatory
TIDMKIBO
RNS Number : 9562N
Kibo Energy PLC
26 May 2020
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: 26 May 2020
Kibo Energy PLC ('Kibo' or the 'Company')
Mast Energy Developments & Bordersley Update
Kibo Energy PLC, the multi-asset, Africa focused, energy
company, is pleased to provide an update on its subsidiaries,
Bordersley Power Ltd ('Bordersley') and Mast Energy Developments
Ltd ('MED'). The Bordersley 5 MW gas-fuelled power generation plant
in the UK is currently being developed for Kibo by the Company's
60% owned subsidiary, manager and operator of Bordersley, MED.
Overview
* Further to the most recent update regarding Bordersley and MED
as per the RNS announcement dated 17 March 2020, Kibo has now
received confirmation from AB Impianti S.R.L ('AB') that it has,
subject to certain ongoing COVID-19 related restrictions and safety
measures, resumed operations which will increase over the coming
weeks;
* AB is managing the end-to-end Engineering, Procurement, and
Construction ('EPC') scope of works ('SoW') for Bordersley, which
includes providing exclusive access to AB construction and
engineering capacity and capability as well as cogeneration plant
and equipment (refer to RNS dated 30 October 2019);
* The completion of the EPC Scope of Works ('SoW'), which was
temporarily delayed due to the COVID-19 outbreak, has been resumed
as a priority matter and MED and AB continue to progress
activity;
* MED's discussions with regards to securing substantial
financing is ongoing, which could enable it to embark on a
portfolio development strategy and implementation, which will see
the simultaneous development of more than 20 sites from its
prospective "shovel ready" portfolio of sustainable power
generation assets in the UK (refer to RNS dated 17 March 2020);
and
* MED is also in active discussions with suppliers of "shovel
ready" sites in aggregate of 300Mw in order to bolster its projects
portfolio pipeline.
Louis Coetzee, CEO of Kibo Energy, commented, "Although the
impact of the global COVID-19 pandemic is far from over, with the
gradual easing of lockdown and travel restrictions starting to take
place around the world, we are delighted that AB have been able to
resume operations, resulting in the recommencement of the EPC SoW.
This work programme will now be advanced as a matter of priority so
that construction and ultimately commissioning can commence at
Bordersley as soon as possible ."
**ENDS**
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
------------------- -------------------- -------------------------
Philip Adler +44 (0) 20 7392 ETX Capital Limited Joint Broker
1494
------------------- -------------------- -------------------------
Bhavesh Patel +44 20 3440 6800 RFC Ambrian Limited NOMAD on AIM
/ Stephen Allen
------------------- -------------------- -------------------------
Isabel de Salis +44 (0) 20 7236 St Brides Partners Investor and Media
/ 1177 Ltd Relations Adviser
Beth Melluish
------------------- -------------------- -------------------------
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.
Additionally, the Company has a 60% interest in MAST Energy
Developments Limited ('MED'), a private UK registered company
targeting the development and operation of flexible power plants to
service the UK Reserve Power generation market.
Johannesburg
26 May 2020
Corporate and Designated Adviser
River Group
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
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