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Mast Energy Developments & Bordersley Update
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: 17 March 2020
Kibo Energy PLC (‘Kibo’ or the ‘Company’)
Mast Energy Developments & Bordersley Update
Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to provide an update on
its subsidiaries, Bordersley Power Ltd ('Bordersley') and Mast Energy Developments Ltd (“MED”).
The Bordersley 5 MW gas-fuelled power generation plant in the UK is currently being developed for
Kibo by the Company's 60% owned subsidiary, manager and operator of Bordersley, MED.
Overview
* In light of the recent coronavirus outbreak, MED’s joint development partner, AB Impianti
S.R.L ('AB'), who are based near Milan, Italy had to temporarily halt operations;
* AB team are however now working remotely, and factories are operational again;
* AB are managing the end-to-end Engineering, Procurement, and Construction ('EPC') scope
of works (‘SoW’) for Bordersley, which includes providing exclusive access to AB
construction and engineering capacity and capability as well as cogeneration plant and
equipment (refer to RNS dated 30 October 2019);
* As a result of the coronavirus outbreak, the EPC SoW have been delayed, meaning
Bordersley’s commissioning will not be possible by Q1 2020;
* MED and AB continue to progress activity as much as possible but at present cannot advise
on revised timings as a result of the ongoing impact coronavirus continues to have - further
updates will be made as soon as the Company has further clarity to do so;
* MED has recently also received positive funding interest from multiple entities, and is in
advanced discussions with regards to securing substantial financing of up to USD100,000,000
which could enable it to embark on a portfolio development strategy and implementation,
which will see the simultaneous development of more than 20 sites from its prospective “shovel
ready” portfolio of sustainable power generation assets in the UK
Louis Coetzee, CEO of Kibo Energy, commented, “This is clearly an unprecedented time and as we
take guidance from official sources with regards to managing the coronavirus outbreak, it goes without
saying that the safety of employees and their families is our priority. As an Italian based firm, the
temporary cessation in AB activity was unavoidable but we are grateful for their adaptive work
approach, which has meant that they have quickly resumed working activity; this is testament to their
commitment and focus on completing the relevant EPC SoW so that commissioning can commence at
Bordersley. At this point in time, given that the coronavirus outbreak is still ongoing, and its full impact
is at yet unknown, we are unable to advise on when work will commence. However, we continue to
actively monitor the situation and will share further updates with shareholders as soon as we are able
to do so. This will also include further updates on the strong financing interest we have received from
a number of entities keen to provide a significant funding package that could enable us to immediately
establish more than 20 sustainable power sites. Therefore, despite the pressures of the current global
climate, things continue to progress positively and with improving prospects, and our focus and goals
remain unchanged.”
**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
17 March 2020
Corporate and Designated Adviser
River Group
Date: 17-03-2020 09:00:00
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