kibo

Kibo Energy has provided an update on its 60% owned subsidiary, MAST Energy Developments, a private UK registered company targeting the development and operation of flexible power plants to service the UK reserve power generation market.

Overview

• Agreement with Balance Power Projects Development to build pipeline of shovel ready reserve power plant sites

• MAST Energy Developments (MET) on track to roll-out an initial portfolio of 100 MW of reserve power projects in the UK

Louis Coetzee, CEO of Kibo Energy, comments:

“Having already worked with Balance to acquire the Bordersley 5 MW plant, we are delighted to strengthen our relationship with a formal agreement.

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“This will provide MED with a steady flow of shovel ready sites, enabling it to rapidly build an initial portfolio of 100 MW reserve energy projects in the UK.

“We hope to replicate the success we have had with Bordersley, which, from its acquisition on 20 June 2019, is on track for commercial commissioning at the end of Q1 2020.

“This will see us utilise not only our partnership with Balance, but also our other partners including global player Statkraft Markets GmbH for power purchase agreements and AB Impianti S.R.L for plant development including the EPC and funding.

“MED is progressing at a tremendous pace; we are delighted to be on that journey with its team and look forward to 2020 with confidence.”