KIBO ENERGY PLC - Mbeya Power Update

Mbeya Power Update

Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI Code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
(‘Kibo’ or ‘the Company’)

Dated: 18 May 2022

                           Kibo Energy PLC ('Kibo' or the 'Company')

                                       Mbeya Power Update

Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable-energy-focused development company,
is pleased to provide an update to its Mbeya Power Project (‘MPP’), of which a renewed
Memorandum of Understanding (‘MoU’) was announced in a Company RNS dated 23 November
2022. The MoU sets out clear guidelines, deliverables and timelines for the conclusion of a Power
Purchase Agreement (‘PPA’) and related implementation agreements between Mbeya Power
Limited, a 100% owned subsidiary of Kibo Energy, and the Tanzania Electric Supply Company
Limited (‘TANESCO’).

Mbeya Power Limited and representatives of TANESCO have engaged several times over the past
months, with the latest meeting concluding in agreement on the due diligence scope and process for
TANESCO’s due diligence on the MPP, in line with the agreed key project milestones. Further to
this, the parties have agreed to the establishment of a Joint Technical Committee. The primary
responsibility of the Joint Technical Committee will be to ensure the key milestones, as set out in the
MoU, are met as agreed in the MOU.

Louis Coetzee, CEO of Kibo Energy, says: “We are excited by the renewed commitment and
enthusiasm that all parties are showing towards getting a PPA agreed asap and to be part of an
opportunity to contribute towards addressing Tanzania’s extensive and urgent energy needs.”

                                             **ENDS**

For further information please visit www.kibo.energy or contact:

 Louis Coetzee    info@kibo.energy                Kibo Energy PLC              Chief Executive Officer
 
 James Biddle     +44 207 628 3396                Beaumont Cornish Limited     Nominated Adviser
 Roland Cornish
 
 Claire Noyce     +44 20 3764 2341                Hybridan LLP                 Joint Broker
 
 Damon Heath      +44 207 186 9952                Shard Capital Partners LLP   Joint Broker
 
 Zainab Slemang   zainab@lifacommunications.com   Lifa Communications          Investor and Media
 van Rijmenant                                                                 Relations Consultant


Johannesburg
18 May 2023
Corporate and Designated Adviser
River Group

Date: 18-05-2023 08:00:00
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