The company recorded a pre-tax loss of R73m compared with last year’s R82m loss
Kibo Energy has narrowed its losses as it completes its transformation from a mining exploration company to a dedicated energy developer.
The company is based in Ireland and listed on the London Stock Exchange’s Alternative Investment Market, with a secondary listing on the JSE’s Alt-X. While it already had the Mbeya coal-to-power project in Tanzania in its portfolio, in 2018 Kibo acquired majority interests in the Mabesekwa Coal independent power project in Botswana, the Benga IPP in Mozambique, and a 60% equity interest in Mast Energy Developments in the UK where it will provide small-scale gas-fired generators to serve the UK reserve power market.
The company also announced on Monday that it had selected ESS Tech as its preferred electricity storage technology partner, in line with Kibo’s strategy to incorporate long-term renewable energy solutions into its coal power projects.
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