Proactive Investors - Run By Investors For Investors

Kibo Energy surges as UK subsidiary agrees to acquire 5MW gas-fuelled power plant

The AIM-listed firm said the sale and purchase agreement with Bordersley Power would also include an option to lease land for a project site
Electricity pylons
Once the deal is completed, MAST will pay £175,000 for the plant, as well as £2,000 in costs relating to the gas connection

Kibo Energy PLC’s (LON:KIBO) shares surged on Tuesday after it said its 60%-owned UK subsidiary, MAST Energy has entered into an agreement to acquire a 5 megawatt gas-fuelled power plant.

The AIM-listed firm said the sale and purchase agreement with Bordersley Power Limited would also include an option to lease the land for a project site as well as offers to connect to the electrical and gas grids.

READ: Kibo Energy says Benga power plant project is advancing ahead of schedule

One the deal is completed, MAST will pay £175,000 for the plant, as well as £2,000 in costs relating to the gas connection.

Subject to a successful closure of the deal, Kibo said MAST would target commercial commissioning of the project toward the end of 2019 or early 2020.

“This initial strategic acquisition made by MAST Energy Developments is a key milestone as they advance on their strategy to become a key player in the UK flexible power generation market”, said Louis Coetzee, Kibo’s chief executive.

In late morning trading, Kibo shares were up 15.4%.

View full KIBO profile View Profile

Kibo Energy PLC Timeline

Related Articles

The Predictive-Toro joint venture projects are in the country’s north
February 21 2019
The company’s JV with Toro is producing results on the exploration front.
Brine pools
May 09 2019
The group has four divisions: mineral extraction, wastewater purification, energy storage and conventional mining
Map of Queensland, Australia
February 28 2019
A recently published preliminary economic assessment shows an after-tax net present value of A$124 million and an internal rate of return of 24%
Copyright © Proactiveinvestors.com, 2019. All Rights Reserved - Proactive Investors North America Inc., Proactive Investors LLC

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use