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Kibo Energy PLC said on Tuesday it is evaluating alternative acquisition opportunities after dropping its bid to buy Carbon Resilience Pte Ltd. The Galway, Ireland-based cash shell had reported early in October it had agreed to acquire Carbon Resilience from FA SPC Real Asset Income Ltd for $135 million. On Tuesday, Kibo said FA SPC Real Asset Income and Carbon Resilience have not provided sufficient due diligence documentation within the required time to allow the agreement to become effective. It also said the noteholder that offered to provide funding had not paid the second tranche, forcing Kibo to seek alternative funding to meet its ongoing working capital needs. Kibo became a cash shell after restructuring and repositioning itself during the first half of 2024, focusing on transitioning to a broader-based energy company. The restructuring plan saw the company overhaul its board, sell assets, and part of the disposal and restructuring of its loan debt and an agreement for part conversion of trade creditor debt to equity. Carbon Resilience, a private renewable energy company, controls a portfolio of onshore wind, solar, and battery energy storage projects in Queensland, Australia. Kibo shares are suspended from trading in Johannesburg and London. Copyright 2025 Alliance News Ltd. All Rights Reserved.
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