Kibo Energy to spin out renewable energy projects via IPO

In South Africa, Kibo Energy PLC is proceeding with a proposal for an IPO to be named Ultimate Sustainable Energy Ltd in advancing its Corporate Strategy towards significant renewable/clean energy developer status. The Company will furthermore seek admission to the Alternative Investment Market of the London Stock Exchange for the IPO. The IPO will seek to raise sufficient funds to develop the Company’s portfolio of renewable/clean energy generation projects, thereby supporting the Company’s strategic intent to significantly advance and accelerate the development and execution of its sustainable, renewable energy strategy.

Anticipated fundraise of c. £7-10 million for USE to take place alongside admission — funds raised will be used to advance the short- to medium-term project development of a portfolio of renewable/clean energy generation projects to achieve financial close Projects currently earmarked for inclusion in the IPO portfolio are:

Current waste-to-energy projects in South Africa and the UK

All biofuel projects, inclusive of utility-scale projects in Tanzania, Botswana and Mozambique. Projects in Tanzania, Botswana and Mozambique refer to the historic coal-power projects currently the subject of active investigation for conversion into renewable energy projects by utilising biofuel)