Last checked at 3 Jul 2023 07:00
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI Code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
('Kibo' or 'the Company')
Dated: 03 July 2023
Kibo Energy PLC ('Kibo' or the 'Company')
Operational Update: Q2 2023
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy focused development company, is pleased to provide an operational update as it enters the second half of 2023. This follows its update as provided in a Company RNS dated 6 April 2023.
Portfolio
The Kibo Group strategy, as previously announced in a Company RNS dated 19 April 2021, is focused on developing, owning and operating sustainable energy solutions that can immediately and progressively address the acute energy challenges in sub-Saharan Africa, the United Kingdom and Ireland.
The table below indicates the status of Kibo's project portfolio at present. Timelines beyond Q3 2023 remain as advised on 6 April 2023 and the Company will advise should these change in light of the below. This does not include opportunities that are currently the subject of advanced due diligence and commercial consideration.
Kibo Group Project Portfolio | ||||||
Entity | Kibo Equity | Strategic Domain | Projects | Development Status | Current Status | |
MAST Energy Developments (UK) | 57.86% | Reserve Power | Pyebridge (9 MW) | Operational and generating revenue | CM T-1 contract scheduled to begin on 1 October 2023 (see MED Results for the year ended 31 December 2022 as per the MED RNS dated 28 April 2023) | |
Bordesley (5 MW) | Advanced project development | In construction and commissioned by Q4 2023 (see MED Results for the year ended 31 December 2022 as per the MED RNS dated 28 April 2023) | ||||
Rochdale (4.4 MW) | Advanced project development | Planning consent granted in Q2 2023 (see MED Results for the year ended 31 December 2022 as per the MED RNS dated 28 April 2023) | ||||
Hindlip Lane (7.5 MW) | Concept stage | EPC and O&M contracts under review, further updates to follow (see MED Results for the year ended 31 December 2022 as per the MED RNS dated 28 April 2023) | ||||
Stather Road (2.5 MW) | Concept stage | EPC and O&M contracts under review, further updates to follow (see MED Results for the year ended 31 December 2022 as per the MED RNS dated 28 April 2023) | ||||
Sustineri (SA) | 65% | Waste to Energy | CHP project to supply base-load electricity generation in South Africa with 4 revenue streams: electricity, gate fees and potentially from heat and steam output as well as the production of synthetic oil | Phase 1 (2.7 MW + study on synthetic oil production) | Advanced project development stage - financial close ready | - Laboratory tests received and confirm oil quality standards of offtaker - Supplier's sustainability standards assessments are currently underway - Integration study is being undertaken to align test results with feedstock characteristics in preparation for financial close - Integrated Environmental Authorisation (EA) has been granted |
Phase 2 (targeted 20 MW) | Pre-concept stage | Milestones TBD once Phase 1 has been executed | ||||
National Broadband Solutions (SA) | 51% | Long Duration Energy Storage |
12.3 MW in development | Simultaneous concept and commercial development | Status remains unchanged from last update. | |
36.32 MW target for development | Under assessment | |||||
Mbeya Power Project ('MPP') (TZ) | 100% | Biofuel | 300 MW short-term conversion to renewable energy biofuel | Original project.
Fully permitted with Bankable Feasibility Study completed | TANESCO due diligence on Kibo as part of the MOU programme currently underway. | |
UK Portfolio | 100% | Waste to Energy | Southport (10 MW, 2 MW long-duration energy storage and 5.5m m3 bio-methane) | Funding constraints, notably as the results of delays caused by shareholders not being able to cast their votes, resulted in no, other than in-house project planning, work being performed | Status remains unchanged from last update. | |
All funding activities, including the Company's proposed AIM-listed vehicle Ultimate Sustainable Energy ('USE'), were placed on hold due to delays as a result of EGM difficulties where shareholders were unable to cast their votes, which was partially resolved at the most recent EGM (see RNS dated 16 March 2023).
Louis Coetzee, CEO of Kibo Energy, says: "We are pleased with the overall progress during the last quarter, and we look forward to updating the market during the course of Q3 on a number of exciting initiatives currently underway on both operational as well as corporate level".
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.
**ENDS**
For further information please visit www.kibo.energy or contact:
Louis Coetzee | info@kibo.energy | Kibo Energy PLC | Chief Executive Officer |
James Biddle Roland Cornish | +44 207 628 3396 | Beaumont Cornish Limited | Nominated Adviser |
Claire Noyce | +44 20 3764 2341 | Hybridan LLP | Joint Broker |
Damon Heath | +44 207 186 9952 | Shard Capital Partners LLP | Joint Broker |
Zainab Slemang van Rijmenant | zainab@lifacommunications.com | Lifa Communications | Investor and Media Relations Consultant |
Johannesburg
3 July 2023
Corporate and Designated Adviser
River Group