When Louis Coetzee took over the reins at Kibo Energy in 2012, the strategy was to focus on value creative, utility-scale energy projects.
The chief executive of AIM-listed company tells Share Talk, Sarah Lowther about the advances being made across the Africa and UK-focused portfolio, and progress in securing a critical debt funding development facility.
Update on MCPP
Kibo Energy PLC, the multi-asset, Africa focused energy company, is pleased to announce that it has received formal notice from the Tanzania Electric Supply Company Limited (‘TANESCO’) inviting it to develop the Mbeya Coal to Power Project (the ‘MCPP’ or the ‘Project’) for the export market and thereby enabling the Company to engage with the African Power Pools regarding off-take agreements.
Louis Coetzee, CEO of Kibo Energy, commented, “Our recent correspondence with TANESCO further consolidates our belief that the MCPP continues to have significant economic and strategic importance for the Company, Tanzania and the region. The Project is located close to potential private offtake partners with whom the company has already engaged on their significant offtake requirements and TANESCO’s active development of the interconnectors brought into play the clear and definite short-term potential for Kibo to actively participate in the growing power export markets. In addition to engaging potential local private offtake partners, the Company have also initiated contact with the various power pools referred to above.
Our recent appointment of Wimmer Financial LLP, to manage the structuring and provision of a project finance corporate credit line facility of up to USD 900 million, will help to secure our debt requirements for all our African energy projects and forms an important part of our adjusted strategic focus for the MCPP.
It is also important to note that the initiative referred to above is not subject to any TANESCO tender process / procedure and entirely unrelated and independent from the tender referred to in the RNS of 14 February 2019 and the clarification request mentioned therein.
I look forward to updating shareholders with details of our progress on the MCPP power offtake market development and on development progress across our portfolio during this very busy time for the Company.”
For further information please visit www.kibo.energy
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