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Kibo Energy Mulls Move To African Renewable Energy Projects In Future

Tue, 04th Feb 2020 11:17

(Alliance News) - Kibo Energy PLC said Tuesday it will continue to progress its projects in Africa and the UK, as it looks to start developing more sustainable power projects in the future.

The Africa-focused energy firm said it will advance its three utility-scale power station projects in Africa, which are expected to contribute a significant amount of energy to the continent itself.

In addition, Kibo's UK subsidiary MED remains on track to commission its inaugural flexible power site in Bordersley.

"It goes without saying that the African continent is in dire need of reliable, modern, affordable and sustainable energy given its rapid economic and population growth. As highlighted in a report by the International Energy Agency, today some 600 million people do not have access to electricity and around 900 million people lack access to clean cooking," said Chief Executive Officer Louis Coetzee.

"In the short to medium term, clean coal projects must continue to play a key role in providing power to help fill the immediate needs given it is still the cheapest, most reliable electrical energy source. However, it is imperative in the mid to longer term to deliver sustainable power projects. Kibo has taken on this challenge and aims to lead from the front, integrating renewable technology with the traditional base load generation solutions in a practical and affordable manner," Coetzee added.

Shares in Kibo Energy - which is based in Galway, Ireland - were down 2.4% at 0.488 pence on Tuesday in London, while its Johannesburg shares remained untraded at ZAR0.11.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2020 Alliance News Limited. All Rights Reserved.

More News
11 Apr 2024 15:57

Kibo Energy reports positive progress at MED subsidiary

(Sharecast News) - Kibo Energy updated the market on its subsidiary Mast Energy Developments (MED) on Thursday, reporting the successful completion ahead of schedule of the initial first-phase work programme at its Pyebridge 9MW flexible power generation asset.

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11 Apr 2024 08:28

IN BRIEF: Mast Energy finishes phase one work at Pyebridge plant in UK

Mast Energy Developments PLC - developer of reserve power generation plants - Says phase one work programme at its 9-megawatt Pyebridge flexible power generation plant in Derbyshire, England is completed ahead of schedule. Plans to start second phase work programme shortly. Says the phase two will be performed in separate consecutive tranches and is expected to take around six to eight weeks per generator set. Notes the cost of the second phase will be funded under the new funding agreement it recently announced. Mast Energy signed an initial funding facility up to GBP4.0 million with RiverFort Global Opportunities PCC Ltd, earmarked for Pyebridge.

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28 Feb 2024 13:32

Kibo Energy subsidiary MED strikes new funding partnership

(Sharecast News) - Kibo Energy announced on Wednesday that its flexible power specialist subsidiary Mast Energy Developments (MED) had struck a strategic funding partnership with RiverFort Global Opportunities PCC (RiverFort), along with a substantial funding agreement, a new capacity market contract, and the termination of the Proventure joint venture agreement.

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28 Feb 2024 10:44

IN BRIEF: Kibo unit Mast Energy inks new GBP4 million funding deal

Mast Energy Developments PLC - London-based subsidiary of Kibo Energy PLC, a Galway, Ireland-based company with energy projects in Africa and the UK - Signs a funding agreement, with an initial funding facility up to GBP4.0 million, with RiverFort Global Opportunities PCC Ltd. RiverFort owns around 12% stake in in Kibo and Mast. Says initial funding will be used to lift its Pyebridge 9-megawatt flexible power generation asset out of care and maintenance. Says further funding of up to GBP4 million will be used to fund Pyebridge's overhaul work programme in order to achieve full generation.

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2 Feb 2024 16:06

UK shareholder meetings calendar - next 7 days

Monday 5 February 
no events scheduled 
Tuesday 6 February 
Blackrock Frontiers Investment Trust PLCAGM
Qinetiq Group PLCGM re share buyback authorisation
Ten Lifestyle Group PLCAGM
Wednesday 7 February 
Asos PLCAGM
eEnergy Group PLCGM re disposal of Energy Management division
Future PLCAGM
Mosman Oil & Gas LtdEGM re director participation in placing
Premier Miton Group PLCAGM
Thursday 8 February 
Benchmark Holdings PLCAGM
Compass Group PLCAGM
easyJet PLCAGM
Hargreave Hale AIM VCT PLCAGM
Polar Capital Global Healthcare Trust PLCAGM
Friday 9 February 
Kibo Energy PLCEGM re pre-emption rights for share issues
Victrex PLCAGM
  
Comments and questions to newsroom@alliancenews.com
  
A full 21-day events calendar is provided each day with a subscription to Alliance News UK Professional.
  
Copyright 2024 Alliance News Ltd. All Rights Reserved.

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16 Jan 2024 08:13

IN BRIEF: Kibo Energy makes "advancements" in green energy projects

Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says it has recently made "advancements" in developing sustainable energy solutions, though progress has been limited given constraints around funding. Back early in July, it said all funding activities were placed on hold due to delays as a result of "difficulties" at its extraordinary general meeting. A month earlier, Kibo had reported that five of a total of eight resolutions failed to reach the minimum threshold of 75% of the vote at an EGM.

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11 Jan 2024 07:40

IN BRIEF: Kibo Energy pays part of loan via shares; director retires

Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Allots 500 million new shares to RiverFort Global Opportunities PCC Ltd, representing conversion of accrued fees and interest totalling GBP161,000. Says it now owes the outstanding balance of GBP1.1 million to RiverFort under the facility restatement agreement dated April 10, 2023. The original facility agreement was signed on February 16, 2022. Kibo has 3.8 billion shares in issue.

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8 Jan 2024 10:20

AIM WINNERS & LOSERS: CMO battles construction sector headwinds

(Alliance News) - The following stocks are the leading risers and fallers on AIM in London on Monday.

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8 Jan 2024 07:48

Kibo and Mast Energy still await Proventure joint-venture payment

(Alliance News) - Mast Energy Developments PLC on Monday said its partner Proventure Holdings (UK) Ltd still has not made a partial initial interim payment required under their joint venture agreement.

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2 Jan 2024 07:38

Joint-venture partner Proventure misses Mast Energy payment again

(Alliance News) - Mast Energy Developments PLC on Tuesday said partner Proventure Holdings (UK) Ltd missed the latest deadline to make a partial initial interim payment required under their joint venture agreement.

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22 Dec 2023 09:08

Kibo unit Mast Energy extends deadline for JV payment after assurances

(Alliance News) - Mast Energy Developments PLC on Friday said it gave partner Proventure Holdings (UK) Ltd more time to make the initial interim payment of GBP2 million required under their joint venture agreement.

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15 Dec 2023 21:26

EARNINGS AND TRADING: Smoove says acquisition by Digcom approved

(Alliance News) - The following is a round-up of earnings and trading updates by London-listed companies, issued on Friday and not separately reported by Alliance News:

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11 Dec 2023 08:14

Mast Energy gets confirmation of GBP2 million initial JV payment

(Alliance News) - Mast Energy Developments PLC on Monday said it has received "sufficient" verbal and written confirmation from joint venture partner Proventure Holdings (UK) Ltd, and other funders that the initial interim payment of GBP2 million will be paid between this coming Friday and Wednesday next week, subject to signature of definitive agreements.

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7 Dec 2023 15:30

IN BRIEF: Kibo Energy faces stiff dissent at annual general meeting

Kibo Energy PLC - Galway, Ireland-based company with energy projects in Africa and UK - Says 35% of shareholders reject resolutions on allotted equity securities, memorandum of association, and the articles of association of the company at an annual general meeting held on Thursday. These motions do not reach the minimum threshold of 75%. Failure to win approval for the memorandum of association and the articles of association of the company means the company cannot be updated at the companies registration office to reflect the reduction in par value and the increase in the authorised capital. Says all other resolutions are approved as they exceeded the required threshold of 50%, with around 24% opposing the re-election of Non-Executive Director Ajay Saldanha.

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1 Dec 2023 10:46

Mast Energy "very disappointed" as Proventure skips JV payments

(Alliance News) - Mast Energy Developments PLC shares fell on Friday as it and Kibo Energy PLC said joint venture partner Proventure Holdings (UK) Ltd has failed to make payments needed to complete the deal.

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