JSE- and Aim-listed Kibo Energy says 2020 will be an exciting year for the company as it seeks to meet current energy needs without compromising future generations.
Kibo is developing three coal power projects, in Tanzania, Botswana and Mozambique, and holds a 60% interest in MAST Energy Developments, which is developing flexible power plants in the UK.
In a letter to shareholders, the company on Tuesday restated its commitment to taking a considered and responsible approach to providing energy solutions.
CEO Louis Coetzee says it goes without saying that the African continent is in dire need of reliable, modern, affordable and sustainable energy given its rapid economic and population growth.
As highlighted in a report by the International Energy Agency, about 600-million people still do not have access to electricity and around 900-million people lack access to clean energy sources for cooking.
“In the short to medium term, clean coal projects must continue to play a key role in providing power to help fill the immediate needs given it is still the cheapest, most reliable electrical energy source. However, it is imperative in the mid- to longer term to deliver sustainable power projects.
“Kibo has taken on this challenge and aims to lead from the front, integrating renewable technology with the traditional baseload generation solutions in a practical and affordable manner,” Coetzee notes.
Accordingly, Kibo continues to advance three utility-scale power station projects in Africa, designed to provide cost-effective, long-term sustainable baseload power.
Positioned to tap into the Southern and East African power pools in Tanzania, Botswana and Mozambique, these projects will collectively add a significant percentage of the total current energy supply, of which more than half is currently generated in South Africa.
“I look forward to updating shareholders regularly as we progress these projects in tandem with our blue-chip international partners and provide further details on how new technologies will be incorporated into their development plans and become a crucial component in delivering Kibo’s growth ambitions in a sustainable manner,” Coetzee concludes.