Kibo Energy PLC, the multi-asset, Africa focused, energy company has announced that its 100% UK subsidiary, Sloane Developments, has agreed to a Share Purchase Agreement to acquire a 9MW flexible gas power project for total consideration of £1,700,000.
The Acquisition is in line with the Company’s strategy to acquire and develop a portfolio of small-scale flexible power generation assets that will help balance out the UK’s national grid at critical times.
Sloane currently has a direct 100% interest in a shovel-ready 5 MW gas fuelled power generation plant, Bordesley, which is currently under development.
Louis Coetzee, CEO of Kibo, said: “The Acquisition of this 9 MW gas power project will represent the second production / shovel-ready site in our subsidiary’s growing portfolio of flexible power plants in the UK. In addition, potential exists to optimise synergies between the acquisition site and Bordesley resulting in significantly improved site economics. Together with Sloane’s upcoming listing, this acquisition will provide an outstanding platform from which to take full advantage of the opportunity that has been identified in the Reserve Power market, the fastest growing energy sector in the UK.
“Following the LSE Admission, Sloane will be in a position to develop its portfolio at scale and pace, as opposed to on a project-by-project basis and advance significantly towards immanent revenue generation. This is an exciting period for both Sloane and Kibo and we look forward to providing further updates on progress made in due course as we look to capitalise on the significant growth opportunities available in the rapidly growing Reserve Power market and realise value for all stakeholders,” added Coetzee.