Kibo Energy PLC Update on MCPP in Tanzania (0284Q)
14 February 2019 - 9:15PM
UK Regulatory
TIDMKIBO
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 info@kibo.energy Kibo Energy PLC Chief Executive Officer
Andreas Lianos +27 (0) 83 4408365 River Group Corporate and Designated
Adviser on JSE
------------------- ----------------------- -------------------------
Ben Tadd /Tom +44 (0) 20 3700 SVS Securities Limited Joint Broker
Curran 0093
------------------- ----------------------- -------------------------
Jason Robertson +44 (0)20 7374 First Equity Limited Joint Broker
2212
------------------- ----------------------- -------------------------
Andrew Thomson +61 8 9480 2500 RFC Ambrian Limited NOMAD on AIM
------------------- ----------------------- -------------------------
Isabel de Salis +44 (0) 20 7236 St Brides Partners Investor and Media
/ 1177 Ltd Relations Adviser
Gaby Jenner
------------------- ----------------------- -------------------------
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
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
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