KIBO ENERGY PLC - Kibo Renews MOU with Tanzanian Utility, TANESCO

Kibo Renews MOU with Tanzanian Utility, TANESCO

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: 23 November 2022

                          Kibo Energy PLC('Kibo' or the 'Company')
                     Kibo Renews MOU with Tanzanian Utility, TANESCO

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable-energy-focused development company,
is pleased to announce the signing of a renewed Memorandum of Understanding (‘MOU’) with
Tanzania Electric Supply Company Limited (‘TANESCO’) in relation to the development of the
Mbeya Power Project (the ‘Project’) as first announced in a Company RNS dated 14 February 2018.
The renewed MOU is in essence an agreement between the parties on the process to agree and
conclude a Power Purchase Agreement (‘PPA’) whereby TANESCO will purchase power with a
capacity of 300 MW from Mbeya Power Limited (‘MPL’), a subsidiary of Kibo.

The objective of this MOU is to establish a general framework of collaboration and cooperation to
enable the design, development, financing, construction, commissioning and operation of the Mbeya
Power Project and its associated infrastructure. The MOU sets out clear guidelines, deliverables and
timelines for the conclusion of a PPA and related implementation agreements.

The Project is Kibo’s initial flagship energy project based in Tanzania where the Company aims to
build a 300MW steam-powered power station in alignment with the Tanzanian Power System Master
Plan (2020). The renewed MOU provides Kibo with the opportunity to reintroduce the Project into
its development plans and specifically alongside the Company’s new bio-fuel initiative previously
announced in a RNS dated 25 August 2022.

Louis Coetzee, CEO at Kibo Energy, says: “We are delighted to see this robust flagship project
revived. The renewed MOU provides Kibo with an exciting opportunity to resume co-operation with
TANESCO in making a contribution towards addressing Tanzania’s extensive and urgent energy
needs. We are particularly excited to embark on this process and to also introduce our bio-fuel
approach for evaluation as a possible substitute fuel source for the Project, which if proven feasible,
will convert the Project into a carbon neutral project which in itself could have far reaching
implications for similar utility scale projects in the Southern Africa region.”

This announcement contains inside information as stipulated under the Market Abuse Regulations
(EU) no. 596/2014.

                                             **ENDS**
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 2341            Hybridan LLP                 Joint Broker

                   +44 207 186 9952
  Damon Heath                                      Shard Capital Partners LLP   Joint Broker

  Bhavesh Patel / +44 20 3440 6800                 RFC Ambrian Ltd              NOMAD on AIM
  Stephen Allen

                                                                                Investor and Media Relations
  Zainab Slemang   Zainab@lifacommunications.com   Lifa Communications
                                                                                Consultant
  van Rijmenant



Johannesburg
23 November 2022
Corporate and Designated Adviser
River Group

Date: 23-11-2022 09:00:00
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