Page 11 - AfrElec Week 13 2022
P. 11
AfrElec RENEWABLES AfrElec
UK’s Kibo Energy
acquires 100MW solar
farm in Zimbabwe
ZIMBABWE LONDON- and Johannesburg-listed renewa- of Kibo at an issue price of 5p per share, follow-
bles developer Kibo Energy Plc has announced ing an intended 1 for 10 share consolidation as
an agreement to buy a 100MW solar project in part of the Transaction (equivalent to 0.5p pre
western Zimbabwe for $13.2mn. consolidation).”
Kibo Energy’s acquisition of the solar farm Kibo will be paid in US dollars for its feed.
in Victoria Falls from Broomfield Interna- Zimbabwe, like much of Africa, has a lot of
tional, also of the UK, comes days after Presi- solar potential, and the government has sig-
dent Emmerson Mnangagwa commissioned a nalled its intention to broaden its alternatives
$7.3mn, 5MW solar plant by another investor in and reduce dependence on coal capacity.
the same area. The Zimbabwe Energy Regulatory Authority
He voiced his administration’s support for (ZERA) says solar energy in the country, which
renewables in the nation’s energy mix. The pro- experiences 3,000 hours of sunshine yearly, is not
posed one will be developed in phases of 25MW, being exploited at a commercial level.
said Kibo in a press release on March 21. A 5MW “Solar PV technology has a potential of over
portion is likely to be online by the end of April 300MW, whilst only 1% of the technical poten-
2022 and an additional 20 MW before December tial for solar water heaters is being exploited.
2022. Opportunities exist for small and large–scale
The facility will connect to the grid through deployment of grid-connected systems and off-
the Hwangwe-Victoria Falls national transmis- grid systems in remote locations,” ZERA says.
sion line by way of a simple loop-in loop-out Kibo chief executive Louis Coetzee expressed
connection. the company’s delight at clinching the deal as it
“Kibo will acquire 100% of the issued share moves out of fossil fuels.
capital of Brownhill International Limited and “The successful completion of this transac-
shareholder loan claims against Brownhill which tion will scale-up Kibo’s footprint in Africa, with
holds the project through its wholly owned sub- the potential addition of renewable energy pro-
sidiary Power Ventures (Private) Limited,” said jects in excess of 100 MW with the first 5 MW
the statement. going into production at the end of April and the
“The transaction will be for a consideration of first 25 MW fully funded for construction and
GBP 10,000,000, payable in new ordinary shares commissioning,” he said.
Week 13 31•March•2022 www. NEWSBASE .com P11
