Kibo Energy Acquires 100MW Victoria Falls Solar Park Project for £10 Million

Kibo Energy Acquires 100MW Victoria Falls Solar Park Project for £10 Million (News Central TV)

Listed on London’s Alternative Investment Market (AIM), Kibo Energy confirmed it has acquired the Victoria Falls Solar Park project for £10 million.

It acquired the project from Broomfield International Ltd in a statement Monday. Said Kibo CEO Louis Coetzee:

We are pleased to have been in a favourable position to participate in this Transaction, which is timely, following the Company’s strategy to disinvest from fossil fuels and focus on renewable and clean energy projects.

Drawing from our investments into the reserve power market, development of waste-to-energy projects in Southern Africa and the UK, as well as strategic partnerships with key long duration energy storage players, we are positioning the company for growth.

Your Friends Also Read:  Tanzania President Announces Changes in Gov't After a Year in Office

This places Kibo at the heart of a very bright and renewable future for energy. He further explained that the near-production renewable energy assets all have a time horizon of fewer than 18 months to the first production.

The project was primarily conceived for self-consumption and, in particular, to supply power to the company’s data centre and a commuter rail electrification project.

However, developers did not rule out selling some of the generated power.

According to Kibo, the project rollout is being implemented in phases of 25MW, starting with 5 MW being connected to the grid in April 2022 and 20 MW before December 2022.

Your Friends Also Read:  Egypt Hosts Multi-National Joint Military Drill

This is happening when the demand and need for fully renewable power in Zimbabwe are now recognised as a national priority and backed up by Zimbabwean government policy directed at infrastructure investment.

Zimbabwe experienced a huge shortfall of electricity in the past two years, as well as being unable to import enough from regional power utilities due to huge debts that need to be cleared first.  


All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express written permission from News Central TV.
Your Friends Also Read:  Mozambique Launches Special Force to Fight Terror

Contact: digital@newscentral.ng

Total
0
Shares

Leave a Reply

Previous Article
What is spectacular about the Super Tucano (News Central TV)

Nigerian Forces Exterminate Notorious ISWAP Leader, Sani Shuwaram

Next Article

Court Halts Building of Amazon's Africa Headquarters in Cape Town

Related Posts
Powered by Live Score & Live Score App