(Alliance News) - Kibo Energy PLC on Wednesday said its UK subsidiary, Sloane Developments Ltd, has agreed for the installation of a 6 megawatts flexible gas power project in the West Midlands, England.
The Africa and UK-focused energy company said the agreement expands existing portfolio of Sloane's UK shovel-ready sites, in line with strategy to acquire and develop a 300 megawatts portfolio of small-scale flexible power generation assets.
The project development is, however, subject to successful listing of Sloane, to be renamed Mast Energy Developments PLC, on the standard list of the London Stock Exchange. Kibo said it will retain at least 51% strategic interest after listing.
"The installation of this 6 megawatts gas power project will represent the third site in our subsidiary's growing portfolio of flexible power plants in the UK. With increasing supply/demand volatility, the Reserve Power market is the fastest growing energy sector in the UK and accordingly there is significant demand for flexible power projects of this kind," said Kibo Chief Executive Louis Coetzee.
"With the listing progressing on track and due to be completed by the end of this year, this is an exciting period for both Sloane and Kibo," added Coetzee.
Kibo shares were trading 1.0% lower in London on Wednesday at 0.24 pence each, while in Johannesburg, the stock was up 14% at ZAR0.08 a share.
By Evelina Grecenko; evelinagrecenko@alliancenews.com
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Kibo Energy (KIBO)
