Is this One of flexgens?7 Sep 2020 09:33
Kibo Energy PLC ('Kibo' or the 'Company')
UK Subsidiary Acquires Production-Ready 9 MW flexible power project
Kibo Energy PLC ('Kibo' or the 'Company'), the multi-asset, Africa focused, energy company is pleased to announce that its 100% UK subsidiary, Sloane Developments Ltd. ('Sloane'), has agreed the Heads of Terms ("HOT") for a Share Purchase Agreement to acquire a 9MW flexible gas power project (the 'Acquisition').
The Acquisition is in line with the Company's strategy to acquire and develop a portfolio of small-scale flexible power generation assets that will help balance out the UK's national grid at critical times. Sloane currently has a direct 100% interest in a shovel-ready 5 MW gas fuelled power generation plant, Bordesley, which is currently under development and Sloane is also in the process of preparing for a listing on the Standard List of the London Stock Exchange (See RNS of 23 July 2020).
Acquisition of 9 MW flexible gas power project for total consideration of £1,700,000
· Production-ready project:
o Freehold site with established infrastructure including 9 MW grid export connection and several world-renowned OEM operating units in situ and live
o Permitting in place, G59 commissioned and live, Gas kiosk commissioned and live
· Imminent operational status and attractive economics:
o Positive results of third-party financial modelling exercise based on 7.5 MW generating capacity include Post Tax summation of annual revenue stream over project life of £7,290,411 and IRR c. 19% to 21%
o Rapid revenue creation to stimulate value accretion