Kibo Energy PLC (LON:KIBO) 5 Year PPA Finalised with Statkraft for Bordersley

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.

Highlights

· 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

Details

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

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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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