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Kibo Energy acquires Victoria Falls solar park

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Kibo Energy has signed a Share Purchase Agreement to acquire the Victoria Falls Solar Park project in Zimbabwe from Broomfield International. Image credit: MIT Energy Initiative

Kibo Energy acquires Victoria Falls solar park

In line with its strategic re-positioning as a renewable and clean energy company, Kibo Energy has signed a Share Purchase Agreement to acquire the Victoria Falls Solar Park project in Zimbabwe from Broomfield International.     

 The Project is a 100MW green solar PV facility, connected to the Hwangwe-Victoria Falls national transmission line by way of a simple loop-in loop-out connection positioned at less than a kilometre from the solar facility.

The project roll out is being carried out in phases of 25MW, starting with 5MW being connected to the grid in April 2022 and 20MW before December 2022. The successful completion of this transaction will scale-up Kibo’s footprint in Africa, with the potential addition of renewable energy projects of more than 100MW.

According to Louis Coetzee, CEO of Kibo Energy, the company is in the process of divesting from fossil fuels to focus on renewable and clean energy projects.

“Drawing from our investments into the reserve power market through Mast Energy Development’s, 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 and enhancing our ESG credentials, all of which drive value creation for investors, communities, and the environment. This places Kibo at the heart of a very bright and renewable future for energy,” says Coetzee.

Coetzee adds that the company has worked tirelessly over the past six 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,” says Coetzee.

According to Coetzee, the first 25MW of the project is fully funded and currently under construction, with the first 5MW of the 25MW, expected to be in production by end of April 2022. Broomfield has additional renewable energy projects (hydro, wind and solar) under its portfolio, at various locations in Africa, with an installed capacity of 160.4MW in which a right of first refusal will be granted to Kibo as part of the transaction.

All necessary permits including the Generation License, Environmental Permit and Grid connection are in place. According to Coetzee the need for fully renewable power in Zimbabwe is now recognised as a national priority and backed up by Zimbabwean government policy directed at infrastructure investment.

Kibo Energy acquires Victoria Falls solar park

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