(Alliance News) - Kibo Energy PLC on Monday said it has made progress on its Benga power plant project in Mozambique, including a technical and business workshop with state utility Electricidade De Mocambique to finalise a power purchase agreement.
During the meeting several documents were presented and discussed with EDM, Kibo said, including the final optimised definitive feasibility study and summary of an updated draft financial model.
Discussions during the workshop included an agreement reached to integrate specific EDM inputs into the financial model, it said, as well as to initiate a formal engineering, procurement and construction process towards finalising the model.
"The workshop in Maputo that was long overdue on account of travel restrictions due to Covid-19, was productive and succeeded in significantly enhancing the already good momentum that exists in the ongoing development of the BPPP," said Kibo Chief Executive Officer Louis Coetzee.
Shares in Kibo Energy were up 2.0% at 0.50 pence on Monday in London, while its Johannesburg shares were 11% lower at ZAR0.16.
By Dayo Laniyan; dayolaniyan@alliancenews.com
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Kibo Energy (KIBO)