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Kibo Energy PLC
Business and Financial Review • Apr 6, 2023
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Business and Financial Review
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National Storage Mechanism | Additional information 
RNS Number : 6826V
Kibo Energy PLC
06 April 2023
Kibo Energy PLC (Incorporated in Ireland)
(Registration Number: 451931)
(External registration number: 2011/007371/10)
LEI Code: 635400WTCRIZB6TVGZ23
Share code on the JSE Limited: KBO
Share code on the AIM: KIBO
ISIN: IE00B97C0C31
('Kibo' or 'the Company')
Dated: 06 April 2023
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Project Update
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable-energy-focused development company, is pleased to provide an operational update in follow-up to a Company RNS dated 1 February 2023.
Portfolio
The Kibo Group strategy, as previously announced in a Company RNS dated 19 April 2021, is focused on developing, owning and operating sustainable energy solutions that can immediately and progressively address the acute energy challenges in sub-Saharan Africa, the United Kingdom and Ireland.
The table below indicates the status of Kibo's Project Portfolio at present. Timelines beyond Q1 2023 remain as advised on 1 February 2023 and the Company will advise should these change in light of the below. This does not include opportunities that are currently the subject of advanced due diligence and commercial consideration.
| Kibo Group Project Portfolio | ||||||
|---|---|---|---|---|---|---|
| Entity | Kibo Equity | Strategic Domain | Projects | Development Status | Current Status | |
| --- | --- | --- | --- | --- | --- | --- |
| MAST Energy Developments (UK) | 57.86% | Reserve Power | Pyebridge (9 MW) | Operational and generating revenue | ||
| Bordesley (5 MW) | Advanced project development | Further update to follow shortly | ||||
| Rochdale (4.4 MW) | Advanced project development | |||||
| Hindlip Lane (7.5 MW) | Concept stage | |||||
| Stather Road (2.5 MW) | Concept stage | |||||
| Sustineri (SA) | 65% | Waste to Energy | CHP project to supply base-load electricity generation in South Africa with 4 revenue streams: electricity, gate fees and potentially from heat and steam output as well as the production of synthetic oil | Phase 1 (2.7 MW + study on synthetic oil production) | Advanced project development stage - financial close ready | Awaiting final laboratory test results regarding one remaining element of fuel samples to complete integration study and finalise off-take agreement for oil production |
| Phase 2 (targeted 20 MW) | Pre-concept stage | Milestones TBD once Phase 1 has been executed | ||||
| National Broadband Solutions (SA) | 51% | Long Duration Energy Storage | 12.3 MW in development | Simultaneous concept and commercial development | Due to a change in control of ownership with the off taker / client, a process of additional reciprocal due diligence investigations was required and are currently underway | |
| 36.32 MW target for development | Under assessment | |||||
| UK Portfolio | 100% | Waste to Energy | Southport (10 MW, 2 MW long-duration energy storage and 5.5m m3 bio-methane) |
The front-end engineering and design (FEED) study is ongoing but progressing slower than planned due to funding constraints and a protracted process to finalise the land lease agreement |
Louis Coetzee, CEO of Kibo Energy, says: "We continue to advance the development of all Kibo's projects and remain confident of meeting deadlines set for 2023. That said, resolving the creation of new authorities (see RNS dated 16 March 2023) is of an increasing concern as this materially affects the Company's ability to secure project funding and debt financing at project level, which will inevitably impact on reaching financial close for the various projects at the set target dates."
This announcement contains inside information as stipulated under the Market Abuse Regulations (EU) no. 596/2014.
**ENDS**
For further information please visit www.kibo.energy or contact:
| Louis Coetzee | [email protected] | Kibo Energy PLC | Chief Executive Officer |
| James Biddle Roland Cornish |
+44 207 628 3396 | Beaumont Cornish Limited | Nominated Adviser |
| Claire Noyce | +44 20 3764 2341 | Hybridan LLP | Joint Broker |
| Damon Heath | +44 207 186 9952 | Shard Capital Partners LLP | Joint Broker |
| Zainab Slemang van Rijmenant | [email protected] | Lifa Communications | Investor and Media Relations Consultant |
Johannesburg
06 April 2023
Corporate and Designated Adviser
River Group
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