To view the PDF file, sign up for a MySharenet subscription.

KIBO ENERGY PLC - Update re MAST Energy Developments Limited

Release Date: 12/12/2019 16:40
Code(s): KBO     PDF:  
 
Wrap Text
Update re MAST Energy Developments Limited

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: 12 December 2019


                             Kibo Energy PLC (‘Kibo’ or the ‘Company’)
                           Update re MAST Energy Developments Limited


Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to announce an update
on its 60% owned subsidiary, 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.


Overview
          *Agreement with Balance Power Projects Development Ltd to build pipeline of shovel ready
           reserve power plant sites
          *MED on track to roll-out an initial portfolio of 100 MW of reserve power projects in the UK


Louis Coetzee, CEO of Kibo Energy, commented, “Having already worked with Balance to acquire
the Bordersley 5 MW plant, we are delighted to strengthen our relationship with a formal agreement.
This will provide MED with a steady flow of shovel ready sites, enabling it to rapidly build an initial
portfolio of 100 MW reserve energy projects in the UK.


“We hope to replicate the success we have had with Bordersley, which, from its acquisition on 20 June
2019, is on track for commercial commissioning at the end of Q1 2020. This will see us utilise not only
our partnership with Balance, but also our other partners including global player Statkraft Markets
GmbH for power purchase agreements and AB Impianti S.R.L for plant development including the EPC
and funding.


“MED is progressing at a tremendous pace; we are delighted to be on that journey with its team and
look forward to 2020 with confidence.”


Details
MED is focused on developing a portfolio of small-scale reserve power generation projects, initially in
the UK. In line with this, MED has signed a Site Development Agreement (‘SDA’) with Balance Power
Projects Development Ltd (‘Balance’) to fulfil MED’s strict selection criteria to ensure top of the line
performance and precise planification of building its power plants.


Under the terms of the SDA, Balance shall identify potential sites for projects, undertake feasibility
analysis and, if MED agrees, take the necessary steps to secure and make ready the site for the
commencement of plant development. Each project will be put into a Special Project Vehicle (‘SPV’),
which will be 100% owned and run by MED.


   Balance is a UK based developer of gas-based peak power plants, delivering low-cost power capable
   of rapidly responding to an increasingly volatile energy market. It manages the process from initial
   development through to commercial operation for its partners, working closely with landowners, land
   agents, distribution network operators and financial institutions to meet the growing demand in the
   sector.

                                                **ENDS**

   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

Jason Robertson          +44 (0) 20 7374 2212     First Equity Limited       Joint Broker

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

Bhavesh Patel / Stephen +44 20 3440 6800          RFC Ambrian Limited        NOMAD on AIM
Allen
Isabel de Salis /        +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
   12 December 2019
   Corporate and Designated Adviser
   River Group

Date: 12-12-2019 04:40:00
Produced by the JSE SENS Department. The SENS service is an information dissemination service administered by the JSE Limited ('JSE'). 
The JSE does not, whether expressly, tacitly or implicitly, represent, warrant or in any way guarantee the truth, accuracy or completeness of
 the information published on SENS. The JSE, their officers, employees and agents accept no liability for (or in respect of) any direct, 
indirect, incidental or consequential loss or damage of any kind or nature, howsoever arising, from the use of SENS or the use of, or reliance on,
 information disseminated through SENS.

Email this JSE Sens Item to a Friend.

Share This Story