Kibo Energy #KIBO – Mast Energy Developments & Bordersley Update – RNS

Kibo Energy PLC, the multi-asset, Africa focused, energy company, is pleased to provide an update on its subsidiaries, Bordersley Power Ltd (‘Bordersley’) and Mast Energy Developments Ltd (‘MED’). The Bordersley 5 MW gas-fuelled power generation plant in the UK is currently being developed for Kibo by the Company’s 60% owned subsidiary, manager and operator of Bordersley, MED.

Overview

*     Further to the most recent update regarding Bordersley and MED as per the RNS announcement dated 17 March 2020, Kibo has now received confirmation from AB Impianti S.R.L (‘AB’) that it has, subject to certain ongoing COVID-19 related restrictions and safety measures, resumed operations which will increase over the coming weeks;

*     AB is managing the end-to-end Engineering, Procurement, and Construction (‘EPC’) scope of works (‘SoW’) for Bordersley, which includes providing exclusive access to AB construction and engineering capacity and capability as well as cogeneration plant and equipment (refer to RNS dated 30 October 2019);

*     The completion of the EPC Scope of Works (‘SoW’), which was temporarily delayed due to the COVID-19 outbreak, has been resumed as a priority matter and MED and AB continue to progress activity;

*     MED’s discussions with regards to securing substantial financing is ongoing, which could enable it to embark on a portfolio development strategy and implementation, which will see the simultaneous development of more than 20 sites from its prospective “shovel ready” portfolio of sustainable power generation assets in the UK (refer to RNS dated 17 March 2020); and

*     MED is also in active discussions with suppliers of “shovel ready” sites in aggregate of 300Mw in order to bolster its projects portfolio pipeline.

Louis Coetzee, CEO of Kibo Energy, commented, “Although the impact of the global COVID-19 pandemic is far from over, with the gradual easing of lockdown and travel restrictions starting to take place around the world, we are delighted that AB have been able to resume operations, resulting in the recommencement of the EPC SoW.   This work programme will now be advanced as a matter of priority so that construction and ultimately commissioning can commence at Bordersley as soon as possible.”

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