Kibo upgrades MCPP MoU
JOHANNESBURG (miningweekly.com) – Aim-listed minerals and exploration development company Kibo Energy has upgraded its existing memorandum of understanding (MoU) with the Tanzania Ministry of Energy and the Tanzania Electric Supply Company (Tanesco), regarding a power purchase agreement (PPA) for the development and implementation of the Mbeya coal-to-power project (MCPP), to provide a more streamlined process with materially shorter time lines for PPA finalisation.
All stakeholders have recognised that the development and implementation of a PPA for the MCPP must be expedited, given significant delays over the past year, as well as the strategic importance of the MCPP.
All parties have agreed to replace the original MoU and update it to streamline the process for conclusion of the PPA.
The updated MoU has subsequently been approved and confirmed in writing by the board of Tanesco, and authorised for immediate implementation.
"This agreement underlines the recognition by all stakeholders that the MCPP project is of national importance and that there was a need to define a faster process to reach formal agreement on a PPA through the MoU,” said CEO Louis Coetzee in a statement on Thursday.
In the confirmation letter received, Tanesco emphasised the strategic importance of the MCPP, as well as its support and full commitment to ensure that the expedited timelines in the updated MoU, along which the PPA, which needs to be agreed and finalised, are indeed met.
The approved and updated MoU has now been submitted to all other concerned parties.
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