Kibo signs accord to help roll out UK power projects

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Kibo signs accord to help roll out UK power projects

Published Date: 2019-12-13 | Source: Stephen Gunnion | Author: Stephen Gunnion

Kibo signs accord to help roll out UK power projects

The group plans to develop and operate a portfolio of small-scale reserve power generation projects in the UK.

Kibo Energy says its Mast Energy Developments (MED) subsidiary in the UK has entered a deal that will help it fast-track the development of flexible power plants UK. It has signed a Site Development Agreement (SDA) with Balance Power Projects to help it identify potential sites for power projects, undertake feasibility analysis and, if MED agrees, help it secure and make the sites ready for plant development.

MED plans to develop and operate a portfolio of small-scale reserve power generation projects to service the UK reserve power generation market. Kibo bought a 60% stake in the company last year to provide it with revenue streams in the short term as it develops a number of energy projects in Botswana, Mozambique and Tanzania. The acquisition was also aimed at leveraging MAST's experience in electricity generation to develop new energy projects in Africa by introducing and developing the UK reserve power business model alongside its existing coal-to-power projects on the continent.

Balance develops gas-based peak power plants, delivering low-cost power capable of rapidly responding when there's an energy shortage. It manages the process from initial development through to commercial operation for its partners, working closely with landowners, land agents, distribution network operators and financial institutions.

Kibo said MED had worked with Balance on its Bordersley 5 megawatt gas-fuelled plant and the latest deal would help provide MED with a steady flow of shovel ready sites so it can quickly build an initial portfolio of 100 megawatt reserve energy projects in the UK.

Kibo's shares fell 20%, or 2c, to 8c in light trade yesterday.





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