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(Sharecast News) - Africa-focussed Kibo Energy updated the market on its wholly-owned subsidiary Bordersley Power on Tuesday, which is developing a 5 MW gas-fuelled power generation plant in the UK in cooperation with its 60% owned subsidiary, and manager and operator of Bordersley, MAST Energy Developments (MED).
The AIM-traded firm reported "good progress" towards de-risking the plant, which remained on target for commercial commissioning at the end of the first quarter of 2020.
It said several milestones had been achieved by the Bordersley working and steering committee, which included MED and its joint development partner AB Impianti.
The committee had agreed the site work scope, an advanced engineering, procurement, and construction solution, and advanced an associated financing agreement for Bordersley's construction and commissioning.
A further payment of 10,000,000 shares would be made to Bordersley's original MED vendors, the board added.
"The MED/AB partnership is working well and making excellent headway towards hitting the end of the first quarter 2020 target to commission our 100% owned 5 MW gas-fuelled power generation plant at Bordersley," said chief executive officer Louis Coetzee.
"This progress is reflective of similar advances being made across our portfolio; we are now well positioned to bring several projects to fruition during 2020."
At 1028 GMT, shares in Kibo Energy were down 5.76% at 0.4p.
23 Nov 2022 12:37
IN BRIEF: Kibo Energy renews power purchase agreement in Tanzania
Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Signs a renewed memorandum of understanding to supply power to Tanzania Electric Supply Co Ltd from its Mbeya power project. This project was first announced in February 2018. In terms of the renewed power purchase agreement, TANESCO will buy power with a capacity of 300 megawatts from Mbeya Power Ltd, a subsidiary of Kibo.
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