Mbeya Power Update
18/05/2023 07:00
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RNS Number : 7844Z Kibo Energy PLC 18 May 2023
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: 18 May 2023
Kibo Energy PLC ('Kibo' or the 'Company')
Mbeya Power Update
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable-energy-focused
development company, is pleased to provide an update to its Mbeya Power
Project ('MPP'), of which a renewed Memorandum of Understanding ('MoU') was
announced in a Company RNS dated 23 November 2022. The MoU sets out clear
guidelines, deliverables and timelines for the conclusion of a Power Purchase
Agreement ('PPA') and related implementation agreements between Mbeya Power
Limited, a 100% owned subsidiary of Kibo Energy, and the Tanzania Electric
Supply Company Limited ('TANESCO').
Mbeya Power Limited and representatives of TANESCO have engaged several times
over the past months, with the latest meeting concluding in agreement on the
due diligence scope and process for TANESCO's due diligence on the MPP, in
line with the agreed key project milestones. Further to this, the parties have
agreed to the establishment of a Joint Technical Committee. The primary
responsibility of the Joint Technical Committee will be to ensure the key
milestones, as set out in the MoU, are met as agreed in the MOU.
Louis Coetzee, CEO of Kibo Energy, says: "We are excited by the renewed
commitment and enthusiasm that all parties are showing towards getting a PPA
agreed asap and to be part of an opportunity to contribute towards addressing
Tanzania's extensive and urgent energy needs."
**ENDS**
For further information please visit www.kibo.energy (http://www.kibo.energy/)
or contact:
Louis Coetzee info@kibo.energy (mailto: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 (mailto:zainab@lifacommunications.com) Lifa Communications Investor and Media Relations Consultant
Johannesburg
18 May 2023
Corporate and Designated Adviser
River Group
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