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Kibo Takes Major Step Forward in Execution of the Company’s Renewable Energy Strategy
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 2341 Hybridan LLP Broker
Bhavesh Patel / +44 20 3440 6800 RFC Ambrian Ltd NOMAD on AIM
Stephen Allen
Isabel de Salis / +44 (0) 20 7236 1177 St Brides Partners Ltd Investor and Media Relations Adviser
Charlotte Hollinshead
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
Date: 19-04-2021 10:10:00
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