RE: Massive RNS26 Jun 2019 11:40
· No further funding obligations for next 18 to 24 months on the part of Kibo towards MED working capital, development capital plan to be completed by MED
Louis Coetzee, CEO of Kibo Energy, commented, "We are delighted to take a direct 100% interest in Bordersley, having significantly de-risked this shovel-ready site and met all our working capital requirements for the next 18 to 24 months. With the right partners also in place, including EPC contractor, owners engineer and a power purchase agreement with Statkraft, we anticipate commencing commercial commissioning at the end of Q1 2020; 100% of revenues generated from Bordersley will now flow to the Kibo bottom line and make a marked contribution to the group's ongoing funding requirements."