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KIBO ENERGY PLC - African Union to Roll-Out Continent-Wide Electricity Market Masterplan

Release Date: 23/12/2019 09:00
Code(s): KBO     PDF:  
 
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African Union to Roll-Out Continent-Wide Electricity Market Masterplan

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: 23 December 2019
                             Kibo Energy PLC (‘Kibo’ or the ‘Company’)
            African Union to Roll-Out Continent-Wide Electricity Market Masterplan


Kibo Mining plc (AIM: KIBO; AltX: KBO), the multi-asset Tanzania focused energy and resource
company, notes recent press comment confirming that the African Union is to roll-out a continent-wide
electricity market masterplan (‘the Masterplan’). See below extracts from the commentary.


The African Development Bank (‘the Bank’) and the African Union Development Agency (‘AUDA-
NEPAD’) have agreed to jointly develop a blueprint for a pan-continental electricity network and
market. The agreement to set up a Continental Power System Master Plan between the Bank and
AUDA-NEPAD was unveiled recently during a three-day workshop on the side-lines of Programme
for Infrastructure Development (‘PIDA’) Week held in Cairo.


Professor Mosad Elmissiry, a senior energy advisor to AUDA-NEPAD said, “The Continental Power
System Master Plan will ensure that competitive electricity markets are developed at regional and
continental levels, creating unique opportunities to optimally utilise Africa’s vast energy resources for
the benefit of Africa.”


The workshop was aimed at advancing the launch of an Integrated Continental Transmission Network
to link national power utilities into regional power pools and, ultimately, into a continent-wide
transmission network. Plans also include setting up a market for electricity trading.


The Masterplan also will inform the energy component of a PIDA Action Plan, which focuses on key
regional integration projects. Development of a unified electricity transmission network and market
for electricity trading are viewed as a critical priority to improve the lives of people across the continent.


Angela Nalikka, the Bank’s manager for national and regional power systems, said, “Most state-owned
electric utilities in Africa today are unable to secure the financial resources needed to implement
required segments of regional interconnectors and associated national feeder lines. The Bank plans to
encourage private sector participation in transmission projects in the continent.”


Louis Coetzee, CEO of Kibo Mining said: “We are delighted that the African Union is uniting to roll-
out this electricity market masterplan, which is something we have been suggesting for some time. We
have been positioning Kibo both strategically and operationally since 2018 in anticipation of this
inevitable development. We believe that our Africa project portfolio, which was meticulously created
   and communicated over the past 18 months, could not have been positioned better on commercial,
   geographical, socio-political and developmental levels, to take full advantage of this latest radical
   development in energy policy that will, in our opinion, enable the fastest economic development in the
   history of Africa to date.”

                                                 **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
Charlotte Page /                                                               Adviser
Beth Melluish


   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
   23 December 2019
   Corporate and Designated Adviser
   River Group

Date: 23-12-2019 09:00:00
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