JOHANNESBURG - Africa-focused energy and resource company Kibo Energy said on Monday its strategy remained focused on delivering projects to address the critical energy deficit in sub-Saharan Africa.
"With approximately 580 million Africans still reliant on inefficient, unreliable and expensive energy sources, this remains a socio-economic imperative and therefore a key market opportunity," the company said in a letter to shareholders.
Kibo said it had in 2018 repositioned itself as a purely energy-focused company and its projects were positioned to be critically important in the effort to provide power to more of Africa.
Last April, the company acquired an 85 percent interest in the Mabesekwa Coal Independent Power Project in Botswana which has obtained water and land use permits and environmental certification, completed a pre-feasibility study and submitted an application for a mining license on the coal mine.
"The year ahead will see us focusing on fast tracking the remaining technical work to complete an integrated bankable feasibility study for Mabesekwa," it said on Monday.
"We will also dedicate priority time and attention to investigating new, very exciting commercial opportunities for the Mabesekwa project that were presented to Kibo during December 2018."
It said the Benga Independent Power Project in Mozambique, in which it acquired a 65 percent in June and which includes a 150-300MW coal fired power station, was advancing according to plan.
Kibo recently announced the renewal of an agreement with Mozambican state-owned electric utility, Electricidade de Mocambique to advance the financing, construction and operation of the project.