KIBO ENERGY PLC - Update on the Mozambique Power Project Portfolio

Update on the Mozambique Power Project Portfolio

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 August 2020
                          Kibo Energy PLC (‘Kibo’ or the ‘Company’)
                        Update on the Mozambique Power Project Portfolio

Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to provide an update on
its Mozambique projects, notably the Benga Power Plant Project (‘BPPP’) and the Baobab Power
Station Project (‘Baobab Project’). Further to the RNS’s of May 11 and 18, respectively, significant
progress has been made as Kibo looks to deliver 350 MW to 400 MW; a supply agreement is being
targeted for BPPP that would deliver a total of c.150 MW to Mozambique utility Electricidade de
Moçambique ('EDM’), whilst the Company has a binding term sheet with Baobab Resources Ltd
('Baobab') to supply c. 200MW energy to Baobab’s Tete Steel and Vanadium Project in Mozambique
from the proposed Baobab Project.


Highlights

    * Grid Impact Assessment and Integration Study on BPPP completed, reviewed and submitted to
      EDM – this forms an important part of the DFS optimisation and financial model integration for
      BPPP
    * Technical and Financial Feasibility review of the Baobab Project completed
    * Integration study to assess feasibility of 400 MW combined project for the Baobab Project and
      BPPP commissioned, based on positive findings from technical and financial review of the Baobab
      Project
    * PPA discussions / negotiations with both EDM and Baobab on schedule for completion by the end
      of this year and the beginning of Q4 respectively


Louis Coetzee, CEO of Kibo Energy, commented, “We are extremely pleased with the progress
being made in Mozambique, which will eventually culminate in at least two Power Purchase
Agreements totalling c.350 – 400 MW. Our development options currently remain open as to whether
we construct one power plant to fulfil both supply agreements or two separate plants to service Baobab
and EDM independently and we look forward to finalizing the integration study to better assess and
define the optimal approach in this regard. Either way both agreements will continue to progress at
pace, unencumbered by the other, so that we can realise meaningful value for our shareholders and
our power clients.”


                                             **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
                                                  ETX Capital Limited        Joint Broker
Philip Adler             +44 (0) 20 7392 1494

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

Charlotte Page /         +44 (0) 20 7236 1177     St Brides Partners Ltd     Investor and Media Relations
Beth Melluish                                                                Adviser


   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 August 2020
   Corporate and Designated Adviser
   River Group

Date: 26-08-2020 11:10:00
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