Five-Year PPA Executed with Statkraft Bordersley

RNS Number : 1837E

Kibo Energy PLC

02 July 2019

 

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: 02 July 2019

Kibo Energy PLC ('Kibo' or the 'Company')

Five-Year PPA Executed with Statkraft Markets GmbH

for UK Reserve Power Generation Project, Bordersley

Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to announce that following the RNS' dated 25 and 26 June 2019 in which a five-year PPA with Statkraft Markets GmbH ('Statkraft') was announced as well the acquisition of a 100% interest in Bordersley Power Ltd ('Bordersley'), that the Statkraft PPA was formally executed on 01 July 2019 between Statkraft and Bordersley, a private UK registered company and 100 % subsidiary of the Company.

Louis Coetzee, CEO of Kibo Energy, commented: "Executing a PPA with a global player such as Statkraft is a key deliverable in terms of the overall development plan for Bordersley and critical towards securing the delivery of a fully operational site by Q1 2020. In parallel to the finalization and signing of the PPA for Bordersley, Mast Energy Developments Ltd ('MED') has also reached an advanced stage in finalizing a framework agreement with Statkraft Markets Gmbh, which will govern the PPA's for additional MED acquisitions currently in process towards establishment of a MED power portfolio of at least 100MW. Kibo/MED looks forward to a long and rewarding working relationship with Statkraft".  

**ENDS**

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.

For further information please visit www.kibo.energy or contact:

Louis Coetzee	[e-mail]	Kibo Energy PLC	Chief Executive Officer
Andreas Lianos	[phone]	River Group	Corporate and Designated Adviser on JSE
Ben Tadd / Tom Curran	[phone]	SVS Securities Limited	Joint Broker
Jason Robertson	[phone]	First Equity Limited	Joint Broker
Andrew Thomson	[phone]	RFC Ambrian Limited	NOMAD on AIM
Isabel de Salis / Gaby Jenner	[phone]	St Brides Partners Ltd	Investor and Media Relations 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 Reserve Power generation market. 

Johannesburg

02 July 2019

Corporate and Designated Adviser

River Group

 

END

 

 

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