REG - Kibo Energy PLC - Operational Update: Q2 2023
03/07/2023 07:00
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RNS Number : 6478E Kibo Energy PLC 03 July 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: 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
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Rochdale (4.4 MW) Advanced project development Pl
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Hindlip Lane (7.5 MW) Concept stage EP
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Stather Road (2.5 MW) Concept stage EP
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Sustineri (SA) 65% Waste to Energy CHP project to supply base-load electricity generation in South Africa with 4 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
revenue streams: electricity, gate fees and potentially from heat and steam
output as well as the production of synthetic oil - 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 Simultaneous concept and commercial development Status remains unchanged from last update.
12.3 MW in development
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. TANESCO due diligence on Kibo as part of the MOU programme currently underway.
Fully permitted with Bankable Feasibility Study completed
UK Portfolio 100% Waste to Energy Southport (10 MW, 2 MW long-duration energy storage and Funding constraints, notably as the results of delays caused by shareholders Status remains unchanged from last update.
not being able to cast their votes, resulted in no, other than in-house
5.5m m(3) bio-methane) project planning, work being performed
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 (http://www.kibo.energy/)
or contact:
Louis Coetzee info@kibo.energy (mailto:info@kibo.energy) Kibo Energy PLC Chief Executive Officer
James Biddle +44 207 628 3396 Beaumont Cornish Limited Nominated Adviser
Roland Cornish
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
3 July 2023
Corporate and Designated Adviser
River Group
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