Kibo Energy, an Africa-focused power project company that announced a strategic pivot earlier in 2021 towards renewable energy, says Covid-19 has not unduly affected its coal projects, from which it is ultimately looking to unlock value.
The group is listed on the London Stock Exchange’s Alternative Investment Market, with a secondary listing on the JSE’s Alt-X, generates no revenue at present and has coal-fired projects in Tanzania, Botswana and Mozambique.
The company released its results for the six months to end-June on Monday. It reported that its loss widened to £1.8m (R36.7m) from £1.25m previously, though it expects no significant further disruption from the pandemic, and said that vaccinations were helping to normalise operations.
The group, valued R173m on the JSE, has noted the investment climate for fossil-fuel projects has become challenging, especially for smaller companies, something that has underpinned its pivot towards renewable energy in the UK and SA.
Kibo shifted its focus to energy from mineral exploration and development in 2018. In June, it announced it was eyeing renewable energy as its primary focus and would be developing a portfolio of waste-to-energy projects in SA in partnership with SA-based Industrial Green Solutions.
This partnership will initially develop a phased project of about 8MW for an industrial client south of Pretoria, to be followed by six other projects at different sites, to a total generation of up to 50MW.
That announcement came shortly after the government said it would allow companies to establish up to 100MW of generating capacity without requiring a licence.
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