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Kibo Mining signs JV agreement for right to develop Benga Power Project

Published by , Assistant Editor
World Coal,

Kibo Mining Plc (Kibo), the multi-asset, Africa-focused energy and resource company, has signed a joint venture agreement (JV) with Mozambique energy company Termoeléctrica de Benga S.A. (Termoeléctrica) to participate in the further assessment and potential development of the Benga Independent Power Project (BIPP), including the right to construct and operate a 150 – 300 MW coal fired power station. Kibo and Termoeléctrica are to hold initial Participation Interests in the unincorporated JV of 65% and 35% respectively.

The Benga Power JV is another step in advancing Kibo’s strategy to position the company as a leading regional energy player.

The company aims being able to develop the BIPP in an expedited manner alongside its Mbeya Coal to Power Project (MCPP) in Tanzania and the recently acquired Mabesekwa Coal Independent Power Project (Mabesekwa) in Botswana.

The Benga Power JV is to utilise Kibo’s experience in the advancement and development of power projects in the East African region and its strategic relationships with international development partners such as Sepco III and General Electric. As the BIPP has similarities with the MCPP and Mabesekwa, it is envisaged that considerable benefits could be realised in any potential power station development, including economies of scale in equipment, execution and project finance.

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