Africa- and UK-focused energy company Kibo Energy on April 19 said it had started an extensive due diligence process for the potential acquisition of all or part of a prospective portfolio of renewable energy projects in the UK.
The portfolio comprises several standalone renewable energy projects, focusing on the generation and/or storage of electric power from renewable generation sources.
This includes waste-to-energy projects in which Kibo Energy has negotiated exclusivity and a first right to acquire, subject to successful due diligence results and an agreement on commercial terms and conditions.
Any successful acquisition or acquisitions from the project portfolio will enhance Kibo's strategy, which is focused on transforming and integrating conventional energy generation into sustainable renewable energy.
Kibo has engaged with a specialist company to conduct the required due diligence and feasibility assessments on the various projects. This also includes the provisional procurement of suitable funding instruments to fund the construction and commissioning of any sites that may be selected for acquisition from within the portfolio.
“This opportunity is in line with our strategic intent to deliberately and actively transition from fossil fuel-based energy solutions to sustainable renewable energy solutions.
"It also has the potential to significantly advance and accelerate the development of Kibo Energy’s renewable energy project portfolio in the UK and, subject to positive outcomes from ongoing due diligence and feasibility assessments, provide the company with a further source of short-term revenue,” said Kibo Energy CEO Louis Coetzee.
“It should be noted that the potential renewable energy projects mentioned above are focused on the bespoke private offtake market. These projects are unrelated to, and commercially and technically different from, the reserve power projects that are being developed in Mast Energy Developments (MED), in which Kibo holds a 55% interest,” the company noted.
MED is a specialist reserve or peaking power company and the standalone renewable energy projects Kibo is appraising fall within a different sector of the general energy market and are not in any form or manner in competition with the MED business.
In addition to its interest in MED, Kibo also owns a number of coal-to-power projects in Africa.