29th Aug 2018 13:56
LONDON (Alliance News) - Kibo Energy PLC on Wednesday said it signed a new expanded contract with US industrial technology company General Electric Co to deliver power solutions that alleviate Africa's energy shortage.
The London- and Johannesburg-listed company said the partnership will work towards the development of Kibo's portfolio of energy projects in Tanzania, Botswana and Mozambique.
Under the deal, GE will provide full technical support for present and future power projects and will be the preferred technology partner and supplier to Kibo.
In addition, General Electric will work with the engineering procurement & construction contractor to optimise design of Kibo's projects.
Finally, Kibo and GE agreed to actively develop, create and facilitate new project opportunities as well as raise funding for these projects.
"We look forward to continued cooperation and delivering on our current and any potential future energy projects in tandem with General Electric and our other international partners for the benefit of all stakeholders," said Chief Executive Louis Coetzee.
Kibo shares were down 1.7% at 4.40 pence in London on Wednesday afternoon, down 16% at ZAR0.80 in Johannesburg.
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