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HomeNewsUK Based Firm Acquires 100MW Victoria Falls Solar Project For £10m

UK Based Firm Acquires 100MW Victoria Falls Solar Project For £10m

United Kingdom-based Kibo Energy PLC, has acquired the Victoria Falls Solar Park project for £10 million (about US$13 million) in a key development for the country’s renewable energy sector.
Listed on London’s Alternative Investment Market (AIM), Kibo Energy confirmed acquisition of the project from Broomfield International Ltd in a statement Monday.
The renewable energy development company is also building a portfolio of waste-to-energy operations in South Africa and sees the Victoria Falls project expanding its footprint on the continent.
“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,” said Kibo CEO Louis Coetzee.
“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.
“This places Kibo at the heart of a very bright and renewable future for energy.”
He added; “The Company has worked tirelessly over the past 6 months to reach the point where it will now have an asset portfolio with producing renewable energy assets and several near production assets.
“The near production renewable energy assets all have a time horizon of less than 18 months to 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. *NewZW*
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