Update on MCPP in Tanzania

RNS Number : 0284Q

Kibo Energy PLC

14 February 2019

 

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: 14 February 2019

Kibo Energy PLC ('Kibo' or the 'Company')

Update on MCPP in Tanzania

Kibo Energy PLC ("Kibo" or the "Company"), the multi-asset, Africa focused, energy company, has today received written notice from the Tanzania Electricity Supply Company ("TANESCO"), informing the Company, without providing reasons or explanation, that it did not qualify to compete in the next stage of the bidding process under TENDER No. PA/001/2018-19/HQ/N/033. TANESCO announced the tender during Q3 2018 and called for tender qualification applications by interested parties to develop some of the planned Coal Power Projects with a total capacity of 600MW (see RNS' dated 18 September 2018, 26 September 2018, 07 November 2018 and 07 December 2018 respectively).

Louis Coetzee, CEO of Kibo, said, "TANESCO did not supply the Company with ANY reasons / explanation for its decision in their notification letter. The Company is currently seeking very urgent clarification and explanation from TANESCO in this regard, whereafter the Company will consider its next course of action. The Company will provide the market with a further update as soon as more information becomes available."

**ENDS**

This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014 ("MAR").

For further information please visit www.kibo.energy or contact:

Louis Coetzee	[e-mail]	Kibo Energy PLC	Chief Executive Officer
Andreas Lianos	[phone]	River Group	Corporate and Designated Adviser on JSE
Ben Tadd /Tom Curran	[phone]	SVS Securities Limited	Joint Broker
Jason Robertson	[phone]	First Equity Limited	Joint Broker
Andrew Thomson	[phone]	RFC Ambrian Limited	NOMAD on AIM
Isabel de Salis / Gaby Jenner	[phone]	St Brides Partners Ltd	Investor and Media 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.

Additionally, the Company has a 60% interest in MAST Energy Developments Limited ('MED'), a private UK registered company targeting the development and operation of flexible power plants to service the Reserve Power generation market. 

Johannesburg

14 February 2019

Corporate and Designated Adviser

River Group

 

END

 

 

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