Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to announce a further update with regards to its wholly owned subsidiary, Bordersley Power Ltd (‘Bordersley’), which is developing a 5 MW gas-fuelled power generation plant in the UK in cooperation with the Company’s 60% owned subsidiary, and manager and operator of Bordersley, MAST Energy Developments Limited (‘MED’).
· Good progress towards de-risking 5 MW gas-fuelled power generation plant, Bordersley, which remains on target for commercial commissioning at the end of Q1 2020
· Several milestones achieved by the Bordersley working/steering committee, which includes MED and its joint development partner, AB Impianti S.R.L (‘AB’)
o Agreed site work scope
o Advanced Engineering, Procurement, and Construction (‘EPC’) solution
o Advanced associated financing agreement for Bordersley’s construction and commissioning
· Further payment of 10,000,000 shares to be made to Bordersley’s original MED vendors (see RNS dated 26 June 2019)
Louis Coetzee, CEO of Kibo Energy, commented, “The MED/AB partnership is working well and making excellent headway towards hitting the end of Q1 2020 target to commission our 100% owned 5 MW gas-fuelled power generation plant at Bordersley. This progress is reflective of similar advances being made across our portfolio; we are now well positioned to bring several projects to fruition during 2020.”
Kibo continues to make progress towards de-risking its 5 MW gas-fuelled power generation plant, Bordersley, which remains on target for commercial commissioning at the end of Q1 2020. This is the first reserve power generation project being developed by MED as it focuses on building an initial portfolio of 100 MW reserve energy projects in the UK.
In line with this, the Bordersley working/steering committee, which includes MED and its joint development partner, AB (see RNS dated 30 October 2019), has achieved several milestones. As well as agreeing the site work scope, both the EPC solution and associated financing agreement for Bordersley’s construction and commissioning are nearing completion.
AB is a subsidiary of the AB Group, a global leader in engineering, manufacture, and after sales service of Combined Heat and Power generation solutions, which is present in 19 countries and has installed over 1,600 MW in over 1,250 plants.
In light of the progress and pursuant to the agreement for Kibo to consolidate full ownership of Bordersley by acquiring all of the original MED vendors, St’ Anderton on Vaal Limited (‘St’ Anderton’), direct and indirect interests in Bordersley (see RNS dated 26 June 2019), the Company will now make a further payment of 10,000,000 shares in Kibo to St’ Anderton, at a deemed issue price of 5.25 pence per share.
Accordingly, application will be made for the 10,000,000 shares to be admitted to trading on AIM and the JSE AltX markets. Trading in these shares is expected to commence on AIM and the JSE on or around 19 December 2019 (‘Admission’). Following Admission, the Company will have 1,257,276,078 shares in issue. The foregoing figure may be used by shareholders as the denominator for the calculations to determine if they are required to notify their interest in, or a change to their interest in, the Company under the FCA’s Disclosure Guidance and Transparency Rules.
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