Kibo Energy PLC Kibo PPA on SA W2E Project Extended to 20 Years (3863S)
14 Julio 2022 - 01:00AM
UK Regulatory
TIDMKIBO
RNS Number : 3863S
Kibo Energy PLC
14 July 2022
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 July 2022
Kibo Energy PLC ('Kibo' or the 'Company')
Kibo Power Purchase Agreement on SA Waste-to-Energy Project
Extended to 20 Years
Kibo Energy PLC (AIM: KIBO; AltX: KBO), the renewable energy
focused development company, is pleased to announce that it has
extended to 20 years its conditional 10-year take-or-pay Power
Purchase Agreement ('PPA'), first announced in the Company's RNS
dated 14 February 2022. The PPA outlines the construction,
commissioning and operation of a 2.7 MW plastic-to-syngas power
plant to generate baseload electricity for an industrial business
park developer (the 'Client') in Gauteng, South Africa (the
'Project'). The Project is the Company's first under its joint
venture, Sustineri Energy, in which Kibo Energy PLC holds 65% and
Industrial Green Energy Solutions Pty Ltd ('IGES') holds the
balance of 35%.
The extended term period to 20 years will improve the already
compelling Project highlights, as per the Company's RNS dated 14
February 2022, including:
-- Strong financials: An increase in the projected EBITDA from
c. ZAR 388 million to c. ZAR 953 million, of which an amount of c.
ZAR 619 million is attributable to the Company;
-- Improved Internal Rate of Return ('IRR'): An increased
projected IRR of 15-18%, up from 11-14%; and
-- Commencement of construction and commissioning: The
Construction Phase is scheduled to commence during Q1 2023 with
project commissioning 11 to 14 months thereafter.
Note: All financial numbers as stated herein remain subject to
change until such a time as actual production figures are
available, following a suitable period of steady state
operation.
Louis Coetzee, Chief Executive Officer at Kibo Energy, says: "We
are excited to be forging ahead with our first waste-to-energy PPA
that aligns with our commitment and renewed strategy to disinvest
from coal and advance clean energy in the African market. The
original PPA guaranteed revenue generation over 10 years with the
realistic potential to secure significant additional revenue from
the sale of heat and other by-products, and gained keen interest
from funders.
"Extending the term period from 10 to 20 years furthermore
cements this potential. It signifies a confidence in the Project
and significantly increases its attractiveness to prospective debt
and project funders. We already saw significant interest from
potential debt and project funders, prior to the term extension and
we believe that the term extension will make the already advanced
process of securing debt and project funding significantly smoother
and quicker."
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 info@kibo.energy Kibo Energy Chief Executive
PLC Officer
Andreas Lianos +357 99 53 1107 River Group JSE Corporate
and Designated
Adviser
-------------------------------- -------------------- ----------------------
Claire Noyce +44 (0) 20 3764 2341 Hybridan LLP Joint Broker
-------------------------------- -------------------- ----------------------
Damon Heath +44 207 186 9952 Shard Capital Joint Broker
Partners LLP
-------------------------------- -------------------- ----------------------
Bhavesh Patel +44 20 3440 6800 RFC Ambrian NOMAD on AIM
/ Stephen Allen Ltd
-------------------------------- -------------------- ----------------------
Zainab Slemang zainab@lifacommunications.co.za Lifa Communications Investor and Media
van Rijmenant Relations Consultant
-------------------------------- -------------------- ----------------------
Johannesburg
14 July 2022
Corporate and Designated Adviser
River Group
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END
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