Kibo Energy was formerly called Kibo Mining. File Photo: IOL

JOHANNESBURG - Africa focused energy company Kibo said yesterday it had signed a memorandum of understanding to acquire a 60 percent equity interest in Mast Energy Developments (MED), a UK registered company targeting the development and operation of flexible power plants. 

Under the deal, the company can acquire the stake for £300 000 (R5.4 million) payable to existing MED shareholders in new Kibo shares and a share of future project revenue royalties. 

Kibo Energy, formerly called Kibo Mining, said it was envisaged that both parties would be able to utilise their knowledge and expertise of the power industry to assist in the development of further energy projects both in the UK and Africa. 

Kibo’s established portfolio of assets in southern Africa is focused on large scale energy projects. 

- African News Agency (ANA)