- Kibo Energy said its subsidiary Mast Energy Developments had signed a joint development agreement with AB Impianti to develop flexible power plants in the UK. The agreement would provide Mast Energy Developments (MED) access to end-to-end engineering, procurement, and construction solution with exclusive access to AB construction and engineering capacity and capability as well as cogeneration plant and equipment, the company said. The agreement represented a 'critical step towards securing the delivery of a fully operational site at Bordesley by end of Q1 2020 and the associated first revenue generation for the company,' Kibo Energy said.

'The comprehensive funding solution that forms part of the JDA provides Bordersley and MED with a unique opportunity to potentially have all sites approved for development, fully funded from the outset. This provides an opportunity to fast-track the parallel development of sites and simultaneously de-risk the MED overall development strategy,' it added. The company also said it would look to continue negotiations with Vale Mozambique this week to finalize the power purchase agreement and coal supply agreements for the benga power plant project for, which term sheets had already been announced.

At 9:59am: [LON:KIBO] Kibo Mining share price was +0.01p at 0.43p

Story provided by