Completion of Agreement with Industrial Green Energy (Pty) LTD to Co-develop Renewable Energy Projects in South Africa
Kibo Energy PLC, the multi-asset, African focused energy company, is pleased to announce that further to its previous announcements in this regard (see RNS’ dated 18 May 2021 and 16 June 2021), it has now satisfied all conditions and completed the agreement with South Africa-based Industrial Green Energy Solutions (Pty) Ltd (‘IGES’) ( https://www.industrialgreenenergy.com/ ) to jointly develop a portfolio of Waste to Energy projects in South Africa (‘the Agreement’). Kibo and IGES have entered into an amendment (the ‘Amendment’) to fast track the implementation of the first project.
Completion of the Agreement and Amendment follows the positive findings of an extensive due diligence process.
Louis Coetzee, CEO of KIBO said: “We are very pleased with the completion of the Agreement with IGES, and the Amendment provides us with the opportunity to streamline and fast track the further implementation and development of the first project.”
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.
30 July 2021
Corporate and Designated Adviser