Kibo Energy PLC Collaboration Agreement with General Electric (1639Z)
August 29 2018 - 8:25AM
UK Regulatory
TIDMKIBO
RNS Number : 1639Z
Kibo Energy PLC
29 August 2018
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
("Kibo" or "the Company")
Dated: 29 August 2018
Kibo Energy PLC ('Kibo' or the 'Company')
Strategic Collaboration Agreement with General Electric
To Develop Energy Projects
Kibo Energy PLC ("Kibo" or the "Company"), the multi-asset,
Africa focused, energy company, is pleased to announce that it has
signed a new expanded Collaboration Agreement with USA based
General Electric ('GE'), one of the world's leading industrial
technology companies, to work with Kibo towards the development of
its portfolio of energy projects in Tanzania, Botswana and
Mozambique as well as enhancing its strategy of delivering power
solutions that alleviate Africa's energy shortage. The
Collaboration Agreement was signed while Kibo CEO Louis Coetzee was
attending the annual GE Global Leader and Customer Summit in New
York this week.
The key terms of the Collaboration Agreement include that GE
will:
-- Provide full technical support for present and future power
projects and will be the preferred technology partner and supplier
to KIBO;
-- Collaborate with KIBO to actively develop, create and
facilitate new project opportunities as well as to support and work
with KIBO in raising funding and funding opportunities for the
various Kibo projects ("Projects");
-- Support and assist KIBO with technical and commercial advice
in its efforts to secure appropriate Power Purchase Agreements
(PPA) for the Projects;
-- Work with the Engineering Procurement and Construction
('EPC') contractor to optimise design of the Projects, including
finalising an appropriate partnership and Division of
Responsibility (DORI with the preferred EPC partner); and
-- Provide social advocacy for Projects with all stakeholders in the various jurisdictions.
Louis Coetzee, CEO of Kibo, said: "The expansion of our
agreement with GE is testament to both the quality of our projects
and the strategy we are implementing in Africa to alleviate the
acute energy deficit being experienced by many countries on the
continent. We have three active and live projects which all present
opportunities to leverage this agreement and optimise their
delivery. We look forward to continued cooperation and delivering
on our current and any potential future energy projects in tandem
with GE and our other international partners for the benefit of all
stakeholders."
**ENDS**
This announcement contains inside information as stipulated
under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").
For further information please visit www.kibomining.com or
contact:
Louis Coetzee info@kibomining.com Kibo Energy PLC Chief Executive Officer
Andreas Lianos +27 (0) 83 4408365 River Group Corporate and Designated
Adviser on JSE
-------------------- ----------------------- -------------------------
Ben Tadd / +44 (0) 20 3700 SVS Securities Limited Joint Broker
Tom Curran 0093
-------------------- ----------------------- -------------------------
Jon Belliss +44 (0) 20 7399 Novum Securities Joint Broker
9400 Ltd
-------------------- ----------------------- -------------------------
Andrew Thomson +61 8 9480 2500 RFC Ambrian Limited NOMAD on AIM
-------------------- ----------------------- -------------------------
Priit Piip +44 (0) 20 7236 St Brides Partners Investor and Media
1177 Ltd Relations Adviser
-------------------- ----------------------- -------------------------
Notes to editors
Kibo Energy PLC is a multi-asset, Africa focussed, energy
company positioned to address the acute power deficit, which is one
of the primary impediments to economic development in Sub-Saharan
Africa. To this end, it is the Company's objective to become a
leading independent power producer in the region.
Kibo is simultaneously developing three similar coal-fuelled
power projects: the Mbeya Coal to Power Project ('MCPP') in
Tanzania; the Mabesekwa Coal Independent Power Project ('MCIPP') in
Botswana; and the Benga Independent Power Project ('BIPP') in
Mozambique. By developing these projects in parallel, the Company
intends to leverage considerable economies of scale and timing in
respect of strategic partnerships, procurement, equipment, human
capital, execution capability / capacity and project finance.
Additionally, the Company will benefit from its robust and
experienced international blue-chip partnership network across its
project portfolio, which includes: SEPCO III (China), General
Electric (USA); Tractebel Engineering (Belgium); Minxcon Consulting
(South Africa); ABSA / Barclays Africa; and Hogan Lovells
International LLP.
Johannesburg
29 August 2018
Corporate and Designated Adviser
River Group
This information is provided by RNS, the news service of the
London Stock Exchange. RNS is approved by the Financial Conduct
Authority to act as a Primary Information Provider in the United
Kingdom. Terms and conditions relating to the use and distribution
of this information may apply. For further information, please
contact rns@lseg.com or visit www.rns.com.
END
AGRPLMTTMBBTBJP
(END) Dow Jones Newswires
August 29, 2018 08:25 ET (12:25 GMT)
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Jun 2024 to Jul 2024
Kibo Energy (LSE:KIBO)
Historical Stock Chart
From Jul 2023 to Jul 2024