(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
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Kibo Energy (KIBO)