Kibo receives preliminary approval to proceed with UK power plant project
Africa-focused Kibo Energy has received a preliminary notice to proceed with the construction and commissioning of its 5 MW gas-fueled power generation plant at Bordersley Power, in the UK.
The notice was issued by the company’s 60%-owned subsidiary, Mast Energy Developments (MED), which is the manager and operator of Bordersley.
The plant, which is targeted for commercial commissioning at the end of the first quarter in 2020, is the first reserve power generation project being developed by MED, which is focused on building its initial portfolio of 100 MW.
The issuing of the preliminary approval notice demonstrates the “significant progress” being made towards de-risking the plant’s development, says Kibo.
Receipt of the preliminary notice to proceed “provides a positive step in the development of the Bordersley power plant” and the advancement of Kibo’s UK power market exposure, as the company continues to advance its strategy of becoming a global energy development company with multiple power projects, CEO Louis Coetzee comments.
Issuance of the notice also triggers the payment of the next tranche of shares to the original MED vendors, namely St Anderton on Vaal. In turn, this will see Kibo acquiring all of St Anderton’s interests in Bordersley.
As a result, St Anderton will be issued six-million shares in Kibo at an issue price of £0.0525 a share.
In addition to its interest in MED, Kibo also owns the Mbeya coal-to-power project, in Tanzania; the Mabesekwa Coal independent power project, in Botswana; and has entered into a joint venture agreement with Mozambique energy company Termoeléctrica de Benga regarding the development of the Benga independent power project, in Tete, Mozambique.
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