19th Apr 2021 11:52
Kibo Energy PLC - Africa and UK-focused energy company - Says takes "major step forward" in execution of renewable energy strategy. Starts extensive due diligence process for the potential acquisition of all of, or part of, a UK portfolio of renewable energy assets. Assets include multiple waste-to-energy projects. Says it has engaged with a specialist company to conduct the required due diligence and feasibility assessments on the various projects.
"This opportunity is in line with our strategic intent to deliberately and actively transition from fossil fuel-based energy solutions to sustainable renewable energy solutions. It also has the potential to significantly advance and accelerate the development of the company's renewable energy project portfolio in the UK and, subject to positive outcomes from ongoing due diligence and feasibility assessments, provide the company with a further source of short-term revenue," says Chief Executive Louis Coetzee.
Provides no other details but notes the projects are unrelated to those being developed by recently listed 55% subsidiary Mast Energy Developments PLC.
Current Kibo stock price: ZAR14.00, up 7.7% in Johannesburg; 0.38 pence, up 5.8% in London
Year-to-date change: doubled from ZAR7.00 in Johannesburg; up 98% in London
By Greg Roxburgh; [email protected]
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