Kibo Energy does due diligence on potential acquisition in the UK
JOHANNESBURG - AIM and JSE-listed Kibo Energy briefly rallied 7.6 percent on the JSE on news that it had commenced an extensive due diligence process for the potential acquisition of all or part of a prospective portfolio of UK renewable energy projects.
Chief executive Louis Coetzee said the opportunity was in line with the group’s strategic aim 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,” Coetzee said.
The opportunity comprised several attractive standalone renewable energy projects in the UK, focusing on the generation and/or storage of electric power from renewable generation sources.
Kibo said that portfolio consisted of several waste-to-energy projects in which it had negotiated exclusivity and a first right to acquire, subject to successful due diligence results and an agreement on commercial terms and conditions.