Kibo Energy’s subsidiary Mast Energy Developments (MED) has signed a joint development agreement (JDA) with the AB Group subsidiary AB Impianti (AB) to develop flexible power plants in the UK.
The JDA comprises a comprehensive funding solution that provides an opportunity for Bordersley and MED to potentially have all sites approved for development. The funding will also be used for the construction and commissioning of all sites that AB approves and accepts for development.
Kibo Energy CEO Louis Coetzee said: “Executing a comprehensive JDA with a global player such as AB, is a key deliverable in terms of the overall development plan for MED. More specifically, it is 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.
“There is a roll-out plan for MED and we remain both supportive and excited on the delivery of further plants, widening our international partnership network and delivery of energy solutions in the UK and Africa.”
Under the agreement, MED will be responsible for operating a portfolio and pipeline of projects in the UK. Comprehensive solutions including co-generation plants supply will be provided by AB under rent or alternative funding option.
Initially, MED will identify and present a list of projects that are suitable for the comprehensive solution offered by AB. The JDA progress will be verified by a joint working/steering committee (SC) which will be established by the two companies.
AB Regional Sales manager Gary Collins said: “I am delighted with this arrangement which will see AB & MED design, manufacture and deliver world-class projects in this critical sector of the UK’s power generation market.”
