Wrap Text
Increase of Land Title Area and New MoU signed at Benga Power Plant Project
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: 11 May 2020
Kibo Energy PLC (‘Kibo’ or the ‘Company’)
Increase of Land Title Area and New MoU signed at Benga Power Plant Project
Kibo Energy PLC (‘Kibo’ or the ‘Company’), the multi-asset, Africa focused, energy company is
pleased to announce that it has successfully acquired additional land contiguous to the Benga Power
Plant Project ('Benga' or 'the Project') in the Tete province of Mozambique, increasing the total project
area with an additional 345 hectares. Alongside hosting a 150-300MW thermal power plant, which is
being developed as part of a joint-venture agreement with local energy company Termoeléctrica de
Benga S.A, the expanded land holding provides room for the intended renewable and long duration
storage energy projects in line with Kibo’s commitment to creating reliable, sustainable and affordable
electricity.
In support of this commitment, the Company is pleased to announce that it has also finalised and signed
a new Memorandum of Understanding ('MoU') with Mozambican state-owned electric utility
Electricidade de Mocambique ('EDM'), to guide and facilitate further development of Benga, as part of
EDM’s mandate to develop electricity infrastructure and implement electricity projects in Mozambique.
EDM is committed to increasing population access to electricity and improving the quality of service
rendered to consumers by developing infrastructure for electricity generation, transmission and
distribution. Furthermore, the Government of Mozambique considers the energy sector a strategic
priority for the development of the country and in its desire to accelerate social and economic
development, the Government encourages investment in the energy sector, either public or private and
by nationals or foreigners.
The terms of the new MoU with EDM remains in essence the same as those of the MOU that preceded
the latest version and focusses on facilitating the project from its current development status to fruition.
(See RNS dated 12 December 2018) The current MOU will be valid for an initial period of 12 months
unless the parties agree to extend its validity or to terminate it early.
Louis Coetzee, CEO of Kibo, said: “Today’s news marks a very positive development in the
advancement of Benga. We have been in regular discussion with EDM to determine ways in which we
can work together to commercialise the project and create affordable and reliable electricity supplies
in Mozambique. This MoU marks significant progression in these talks and is testament to the quality
of our project proposal. We now look forward to further de-risking and developing Benga and
continuing our engagement with EDM by progressing to the next development phase, having completed
and submitted a positive Definitive Feasibility Study and independent financial model on Benga to
EDM. We firmly believe in the significant value potential of Benga following the extensive feasibility
work and technical studies done to date and it is as a result of this that we decided to expand our land
title; this enlarged land holding will enable us to establish the planned thermal power plant whilst also
providing room to build renewable energy projects with long duration storage, in pursuit of our strategy
of focused and deliberate transition away from fossil fuel based energy solutions.”
**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
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
11 May 2020
Corporate and Designated Adviser
River Group
Date: 11-05-2020 04:05:00
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.
Sharenet Sites 
