(Alliance News) - Kibo Energy PLC on Monday said it has acquired new land adjacent to its Benga power plant project in Mozambique.
The new land boosted the project size by 345 hectares, Kibo Energy noted.
"Furthermore, the government of Mozambique considers the energy sector a strategic priority for the development of the country and in its desire to accelerate social and economic development, the government encourages investment in the energy sector, either public or private and by nationals or foreigners," the company said.
"In support of this commitment, the company is pleased to announce that it has also finalised and signed a new memorandum of understanding with Mozambican state-owned electric utility Electricidade de Mocambique, to guide and facilitate further development of Benga, as part of EDM's mandate to develop electricity infrastructure and implement electricity projects in Mozambique."
Kibo Energy shares were 4.6% higher at 0.37 pence each in London on Monday afternoon, in Johannesburg, they were 9.1% lower at ZAR0.10 each.
By Eric Cunha; ericcunha@alliancenews.com
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Kibo Energy (KIBO)