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Kibo Energy PLC said on Monday it has inked a binding term sheet to acquire a diverse portfolio of renewable energy projects across Europe and Africa from Swiss-registered ESGTI AG for €400 million, or around R 7.86 billion. The Galway, Ireland-based company with energy projects in Africa and UK said this proposed deal is a reverse takeover as the price tag is ‘substantially’ larger than Kibo’s current market capitalisation. Kibo has a market capitalisation of £1.7 million. Its shares are suspended both in London and Johannesburg. In line with the reverse takeover, Kibo is required to enlarged its share capital to be readmitted to AIM. A placing to accompany the reverse takeover will have a target raise of €30 million. The transaction is subject to completion of a ‘mutual’ due diligence, board and shareholder approvals, and regulatory clearances. The assets Kibo plans to buy comprise 36 development projects, spanning 15 countries from early stage to under construction, with a target of 20 Gigawatts generation capacity within six years. ESGTI specialises in sustainable investments. Kibo Energy PLC holds a 55% stake in the LSE- and JSE-listed Mast Energy Developments PLC. Copyright 2024 Alliance News Ltd. All Rights Reserved.
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