Kibo Energy PLC (LON:KIBO) today said it intends to list its clean energy generation projects on the junior market of the London Stock Exchange as a new company called Ultimate Sustainable Energy Ltd (USE).
The initial public offering (IPO) is to take place by the fourth quarter of 2022 or the first quarter of 2023, with USE expected to raise between GBP 7 million (USD 7.4m/EUR 7.8m) and GBP 10 million. The funds will be used to progress a short- to medium-term portfolio of renewable and clean energy generation projects towards financial close.
The IPO portfolio will include current waste-to-energy projects in South Africa and the UK – two projects in South Africa, a 2.7-MW facility in Gauteng and a second with a target of 20 MW, as well as the Southport project in the UK of 10 MW electric power with biogas and a planned 2 MW battery storage. The portfolio will also include historic coal-power projects in Tanzania, Botswana and Mozambique that are currently under investigation for conversion to biofuel.
Kibo expects to retain a significant stake of about 75% in USE after the IPO.
"The market opportunities, government support and technical innovation in both South Africa and the UK are evolving and are at the ideal stage to position USE, and thus Kibo, as influential innovators in the renewable/clean baseload energy generation sector,” said chief executive Louis Coetzee.
(GBP 1 = USD 1.060/EUR 1.108)
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