Kibo Mining Signs PPA with TANESCO for 300MW Mbeya Coal to Power Project

Kibo Mining asserted the signing of Memorandum of Understanding with Tanzania Electric Supply Company for the Power Purchase Agreement of the company’s 300 MW Mbeya Coal to Power Project. The MOU encompasses the finalization of the PPA with TANESCO anticipated to be confirmed as early as the end of Q1 2019.

In accordance with a pre-agreed commercial/technical/legal framework, the MOU imparts lays down guidelines, deliverables and timelines for the conclusion of the PPA. The PPA will enable Kibo to move towards execution and conclusion of the final development phase of the MCPP, i.e. construction and commissioning.

MCPP is Kibo’s flagship project based in Tanzania, where the Company aims to build a 300MW mine-mouth power station to alleviate the acute energy deficiency in the country. The nationally important power project partners with global powerhouses like General Electric and the China-based Engineering Procurement and Construction (‘EPC’) partner SEPCO III.