Since 2018, we have worked hard to reposition the business as an energy company and to this end we have built a solid portfolio of four major projects.
However, as this portfolio has evolved and new technologies have advanced, so too has our strategy. I have touched on this several times in past correspondence, but increasingly, we have recognised the importance of sustainability to create positive environmental and social impacts. With this in mind, we have grasped the nettle and are steering our strategy towards taking a considered, responsible approach to providing energy solutions.
It goes without saying that the African Continent is in dire need of reliable, modern, affordable and sustainable energy given its rapid economic and population growth. As highlighted in a report by the International Energy Agency, today some 600 million people do not have access to electricity and around 900 million people lack access to clean cooking.
In the short to medium term, clean coal projects must continue to play a key role in providing power to help fill the immediate needs given it is still the cheapest, most reliable electrical energy source. However, it is imperative in the mid to longer-term to deliver sustainable power projects. Kibo has taken on this challenge and aims to lead from the front, integrating renewable technology with the traditional baseload generation solutions in a practical and affordable manner.
Accordingly, we continue to advance three utility-scale power station projects in Africa, designed to provide cost-effective, long term sustainable baseload power. Positioned to tap into the Southern and East African Power Pools in Tanzania, Botswana and Mozambique, these projects will collectively add a significant percentage of the total current energy supply, of which more than half is attributable to South Africa. Meanwhile, in the UK our 60% owned subsidiary, MED, remains on track to commission its inaugural flexible power site, Bordersley.
I look forward to updating shareholders regularly as we progress these projects in tandem with our blue-chip international partners and provide further details on how new technologies we are will be incorporated into their development plans and become a crucial component in delivering Kibo’s growth ambitions in a sustainable manner.
I believe that 2020 is going to be an exciting year for Kibo as we look to deliver on the energy needs of the present without compromising future generations.
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