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Update on MCPP
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: 29 April 2019
Kibo Energy PLC (‘Kibo’ or the ‘Company’)
Update on MCPP
Kibo Energy PLC, the multi-asset, Africa focused energy company, is pleased to announce that it has received
formal notice from the Tanzania Electric Supply Company Limited (‘TANESCO’) inviting it to develop the
Mbeya Coal to Power Project (the ‘MCPP’ or the ‘Project’) for the export market and thereby enabling the
Company to engage with the African Power Pools regarding off-take agreements.
As per the announcement dated 8 March 2019, the MCPP remains a bankable project, fully developed up to
bankable feasibility stage, with a potential generating capacity of 1000MW; multiple opportunities exist for the
Project including three distinct markets: utility, export and private off-take. The existing acute undersupply of
power within Tanzania and the Southern Africa region, means that there is an urgent demand for electricity and
given that Tanzania has a target to deliver approximately 880MW for the export market for the period 2020-2040,
the MCPP is perfectly positioned to help meet this demand.
The Company has received confirmation from TANESCO that it can develop the MCPP for the export market.
TANESCO has advised the Company that it is currently implementing interconnectors through Zambia, Tanzania
and Kenya enabling power trade within the Eastern African Power Pool and Southern African Power Pool member
countries. TANESCO has recommended that the Company engage these Power Pools to ensure participation in
the high demand export market. Furthermore, the Company also remains engaged with TANESCO, regarding
potential energy supply opportunities to the domestic market.
Louis Coetzee, CEO of Kibo Energy, commented, “Our recent correspondence with TANESCO further
consolidates our belief that the MCPP continues to have significant economic and strategic importance for the
Company, Tanzania and the region. The Project is located close to potential private offtake partners with whom
the company has already engaged on their significant offtake requirements and TANESCO’s active development
of the interconnectors brought into play the clear and definite short-term potential for Kibo to actively participate
in the growing power export markets. In addition to engaging potential local private offtake partners, the Company
have also initiated contact with the various power pools referred to above.
Our recent appointment of Wimmer Financial LLP, to manage the structuring and provision of a project finance
corporate credit line facility of up to USD 900 million, will help to secure our debt requirements for all our African
energy projects and forms an important part of our adjusted strategic focus for the MCPP.
It is also important to note that the initiative referred to above is not subject to any TANESCO tender process /
procedure and entirely unrelated and independent from the tender referred to in the RNS of 14 February 2019
and the clarification request mentioned therein.
I look forward to updating shareholders with details of our progress on the MCPP power offtake market
development and on development progress across our portfolio during this very busy time for the Company.”
*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
Ben Tadd / +44 (0) 20 3700 0093 SVS Securities Limited Joint Broker
Tom Curran
First Equity Limited Joint Broker
Jason Robertson +44 (0) 20 7374 2212
Andrew Thomson +61 8 9480 2500 RFC Ambrian Limited NOMAD on AIM
Isabel de Salis / +44 (0) 20 7236 1177 St Brides Partners Ltd Investor and Media
Gaby Jenner Relations Adviser
Notes to editors
Kibo Energy PLC is a multi-asset energy company focused on progressing a diverse portfolio of advanced power
generation and mining projects in Sub-Saharan Africa and the UK, utilising established international
relationships with key development partners. It is simultaneously developing three coal-fuelled power projects
in Africa: the Benga Independent Power Project in Mozambique; the Mabesekwa Coal Independent Power
Project in Botswana; and the Mbeya Coal to Power Project in Tanzania. Additionally, the Company has a 60%
interest in MAST Energy Developments Limited, a private UK registered company targeting the development
and operation of flexible power plants to service the Reserve Power generation market.
Johannesburg
29 April 2019
Corporate and Designated Adviser
River Group
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