Kibo Energy PLC (AIM: KIBO; AltX: KBO) focuses on renewable energy. The company operates through its subsidiary, Mast Energy Developments PLC (MED). MED is a UK-based multi-asset owner, developer, and operator in the flexible power market. Kibo announced an update on MED’s business operations.
Pyebridge Revenue Generation
The refurbishment of the first of Pyebridge’s three Jenbacher gensets is complete. The work finished within budget and on time. The genset was re-installed and successfully re-commissioned. It is now running commercially and generating revenue.
The revenue comes from the Pyebridge site’s Power Purchase Agreement (PPA) with Statkraft. This adds to the Capacity Market contract gross profit income. The refurbished genset is expected to boost the site’s revenue and gross profit significantly.
Performance Monitoring and Future Steps
MED’s management and its O&M contractor will monitor the genset’s performance closely. They aim to ensure optimal performance. MED plans to provide another update on the genset’s performance by the end of July 2024.
The next step in the second phase of the work program is to overhaul the site’s second genset. This process is expected to start shortly.
Funding and Support
The successful completion of the first genset’s overhaul was enabled by a funding agreement with RiverFort. MED appreciates RiverFort’s ongoing support as a strategic funding partner.
Detailed Work-Stream Insight
For more insight into the genset overhaul process, MED has updated its “Pyebridge Overhaul Story” webpage. This includes photos of key stages during the overhaul. Interested parties can visit the MED website for more details.
Potential Acquisition
MED is in advanced discussions to acquire a 10MW flexible power generation site in southwestern England. Acquiring an existing site offers lower investment costs per installed MW and a shorter timeline to revenue generation compared to building a new site.
The potential acquisition is subject to due diligence, contract, funding, and various clearances and approvals. MED is optimistic about the acquisition but cannot guarantee the terms or timeline