Kibo Energy, the multi-asset, Africa focused, energy company, is pleased to provide a corporate and operational update and to announce that it has signed a binding term sheet with an investment consortium consisting of several high net worth entities and individuals, including two of the Company’s largest shareholders, for up to £1,000,000.
Louis Coetzee, CEO of Kibo says:
“Following the recent EGM, some of the of the major shareholders in Kibo entered into discussions with the Company regarding the projects that Kibo have within its portfolio and the costs associated with the further development of these.
“These discussions delivered strong support for the Kibo project portfolio and development strategy, culminating in the funding term sheet set out below.
“With the knowledge that we have the support of the majority of our shareholders, and the strong belief we have in the exciting potential that our diverse portfolio of energy assets offers, we are pleased to announce this £1 million term sheet.
“This compelling endorsement from a consortium of highly experienced
investors / existing long-term shareholders, will enable the continued development of our projects, which are all approaching commercialisation.
“In particular, our project in Mozambique is making vast strides forward, where we realistically expect the delivery of two PPAs before the end of 2020 for up to 400 MW; at the start of this year our expectation was for one PPA for 150 MW.
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“There is a lot of work still to be done, but our team is focused on delivering on it and we look forward to providing further updates in due course.”