Agreement to Co-develop Renewable Energy Projects in South Africa
Kibo Energy PLC, the multi-asset, African focused energy company, announced on the 16th June 2021 – that it has entered into an agreement with South Africa-based Industrial Green Solutions (Pty) Ltd (‘IGES’) ( https://www.industrialgreenenergy.com/ ) to jointly develop a portfolio of Waste to Energy projects in South Africa (‘the Agreement’) with an initial target of generating more than 50 megawatts of electricity for sale to industrial users. The Agreement, which is subject to the satisfaction of certain conditions, is in line with Kibo’s strategy to integrate renewable energy into its project pipeline, which includes three utility-scale power generation and mining projects.
Louis Coetzee, CEO of KIBO said: “This opportunity to enter the South African waste to energy market in strategic partnership with Lesedi and IGES, is a win – win for all parties. For Kibo, today’s Agreement is in line with our strategy to integrate sustainable environmentally friendly energy generation into our portfolio, which could shortly include waste to energy projects in the UK currently the subject of a due diligence investigation. The 50MW project pipeline also positions Kibo squarely in the new and exciting renewable energy industry in South Africa and places us firmly on a programme to production and revenue in the short to medium term.
For IGES, the company gains a partner in Kibo with a track record not only in project development but also in project finance. For South Africa, the Pyrolysis technology provides a perfect solution to the disposal of plastics in the country, which up until now is high cost and subject to cumbersome procedures and under most recent legislation prohibits the disposal of plastics with a CV (Calorific Value) of more than 20 in landfill facilities. In addition, Newco will enable South African industry to operate independently from the National Utility, Eskom and secure stable power supplies. With the above in mind, we are keen to get started at the earliest opportunity and I look forward to providing further updates on our progress.”
Full update https://www.share-talk.com/kibo-energy-plc-kibo-l-agreement-to-co-develop-renewable-energy-projects/
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