Louis Coetzee, CEO of Kibo Energy, commented, “Finalizing a PPA with a global player such as Statkraft is a key deliverable in terms of the overall Project Management Plan at Bordersley to deliver a technically and commercially viable project.
Thereby solidifying the platform for long term revenue creation as of Q1 2020. With a portfolio exceeding 12 TWh from over 400 customers, Statkraft is a natural partner for us and we are delighted to be working with its team.”
Five-Year PPA Finalized 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 an update on its 60% owned subsidiary, 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.
· Five-year Power Purchase Agreement (‘PPA’) with Statkraft Markets GmbH for planned 5MW Bordersley Reserve Power generation project
· Key commercial milestone reached as MED focuses on the commercial commissioning of Bordersley end Q1 2020
As part of its strategy to develop a portfolio of small-scale Reserve Power generation projects, initially in the UK, MED has today concluded negotiations for a five-year Power Purchase Agreement (‘PPA’) for its Bordersley project with Statkraft Markets GmbH, a leading provider of long-term PPA’s and have agreed to execute the PPA finalized today, on 01 July 2019.
Bordersley is MED’s first shovel-ready site targeted for commercial commissioning end Q1 2020, which will comprise a 5MW gas-fuelled power generation plant. Under the terms of the PPA, MED will be responsible for the operation and maintenance of Bordersley, and Statkraft Markets GmbH will engage in providing a comprehensive solution including feedstocks (gas) and trading the power generated at Bordersley
Statkraft Markets GmbH is engaged in trading power and fuels in continental Europe as well as emission certificates worldwide. It is part of the Statkraft Group (Statkraft AS, Oslo/Norway), the largest European producer of renewable energy, and is a significant player on the European energy trading exchanges with particular know-how in physical and financial energy trading as well as in the bilateral electricity market.
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