Kibo Energy PLC KIBO ADVANCES BENGA POWER PROJECT (1199V)
April 12 2021 - 5:00AM
UK Regulatory
TIDMKIBO
RNS Number : 1199V
Kibo Energy PLC
12 April 2021
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
("Kibo" or "the Company")
12 April 2021
KIBO ADVANCES BENGA POWER PROJECT FURTHER DURING SUCCESFUL
TECHNICAL AND COMMERCIAL WORKSHOP WITH MOZAMBIQUE ENERGY
UTILITY
Kibo Energy PLC ("Kibo" or the "Company"), the multi-asset,
Africa focused, energy company, is delighted to provide a progress
update on the Benga Power Plant Project in Mozambique ("BPPP")
after a successful meeting with Mozambique Utility Electricidade De
Moçambique ("EDM") in Maputo, Mozambique.
Highlights
-- Successful technical and business workshop with EDM to
negotiate and agree next steps in the process towards the ultimate
agreement and finalization of a PPA, and
-- Formal submission of an advanced technical and commercial
information pack to EDM, as part of the ongoing development
workstreams provided for under the existing MoU with EDM and
emanating from the Definitive Feasibility Study previously
submitted to EDM.
Discussion
Kibo and its local JV partners recently attended a workshop with
EDM in Maputo to discuss and agree the next steps towards the
ultimate finalization of a PPA. During the meeting the final
optimised definitive feasibility study, inclusive of the updated
grid integration study, and a summary of an updated draft financial
model was presented and discussed as the fundamentals that will
guide and focus the further course of the PPA process. This will
ensure that a final result is obtained at the earliest opportunity
possible.
The very productive discussions during the workshop, amongst
others, also included an agreement reached between the parties to
integrate specific EDM inputs into the Financial Model and the
immediate initiation of a formal EPC process towards finalizing an
advanced Financial Model that reflects firm numbers on key
commercial parameters.
Louis Coetzee, CEO of Kibo Energy, commented:
"The workshop in Maputo that was long overdue on account of
travel restrictions due to COVID-19, was productive and succeeded
in significantly enhancing the already good momentum that exists in
the ongoing development of the BPPP. The workshop also afforded us
the opportunity to formally submit an optimised version of the
Feasibility Study and related work progress reports, which amongst
others also incorporates the inclusion of the Baobab Tete Steel and
Vanadium Project in the enhanced business case for the BPPP. The
studies and reports that were submitted to EDM during the meeting
demonstrates a robust business case, consisting of a project with a
diversified and balanced off take composition that also brings with
it pertinent strategic advantages to the energy sector as a
whole.
The BPPP is at a very exciting juncture in its development
process and we look forward to updating the market on further
progress in due course"
**ENDS**
For further information please visit www.kibo.energy or
contact:
Louis Coetzee info@kibo.energy Kibo Energy CEO
PLC
Andreas Lianos +357 99 53 1107 River Group JSE Corporate and Designated
Adviser
---------------------------- ------------------- -----------------------------
Claire Noyce +44 (0) 20 3764 Hybridan LLP Broker
2341
---------------------------- ------------------- -----------------------------
Bhavesh Patel +44 20 3440 6800 RFC Ambrian NOMAD on AIM
/ Stephen Limited
Allen
---------------------------- ------------------- -----------------------------
Isabel de info@stbridespartners.co.uk St Brides Partners Financial PR
Salis / Charlie Ltd
Hollinshead
---------------------------- ------------------- -----------------------------
Notes
Kibo Energy PLC is a multi-asset, Africa focused, energy company
positioned to address the acute power deficit, which is one of the
primary impediments to economic development in Sub-Saharan Africa.
To this end, it is the Company's objective to become a leading
independent power producer in the region.
Kibo is simultaneously developing three similar coal-fuelled
power projects: the Mbeya Coal to Power Project ('MCPP') in
Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in
Botswana; and the Benga Independent Power Project ('BIPP') in
Mozambique. By developing these projects in parallel, the Company
intends to leverage considerable economies of scale and timing in
respect of strategic partnerships, procurement, equipment, human
capital, execution capability / capacity and project finance.
Johannesburg
12 April 2021
Corporate and Designated Adviser
River Group
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END
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