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Kibo completes acquisition of 60% interest in MED

9th October 2018

By: Tasneem Bulbulia

Senior Contributing Editor Online

     

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Africa-focused energy company Kibo Energy has completed the acquisition of a 60% equity interest in Mast Energy Developments (MED), a private UK registered company targeting the development and operation of flexible power plants to service the reserve power generation market.

MED’s business strategy is to acquire and develop a portfolio of small-scale power generation assets.

Various “shovel ready” sites have already been identified in the UK, capable of sustaining gas-fired power generators and ancillary structures from 20 MW upwards.

The sites have full planning permission and permitting in place, long-term lease agreements, grid and gas connection offers and positive feasibility studies, pertaining to technical and commercial viability.

Kibo will settle the transaction purchase through the issue of 5.71-million new ordinary shares at 5.25p to MED.

“This acquisition provides Kibo with the realistic possibility of near-term revenue generating assets and enables us to combine our knowledge of the power generation market both in mature and emerging markets.

“There is a distinct short-term revenue generating potential in the UK, which is positive for Kibo and importantly all early-stage royalties payable to the sellers will be reinvested in Kibo ordinary equity,”  Kibo CEO Louis Coetzee said on Tuesday.

Edited by Chanel de Bruyn
Creamer Media Senior Deputy Editor Online

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