Africa-focused energy company Kibo Energy has satisfied all conditions required, and completed an agreement with South Africa-based Industrial Green Energy Solutions (IGES), to jointly develop a portfolio of waste-to-energy projects in South Africa.
The companies entered into an agreement to jointly develop a portfolio of waste-to-energy projects in South Africa, with an initial target of generating more than 50 MW of electricity for sale to industrial users.
Also, Kibo and IGES have entered into an amendment of their initial agreement to fast-track the implementation of the first project.
The completion of the agreement and amendment follows the positive findings of an extensive due diligence process.
In May, Kibo stated that its agreement with IGES, which was subject to the satisfaction of certain conditions, was in line with its strategy to integrate renewable energy into its project pipeline, which includes three utility-scale power generation and mining projects.
In June, Kibo stated that its primary focus going forward would be on renewable energy opportunities, and that in line with this, it would pursue the agreement with IGES for future projects.