Kibo Energy to get 100-MW solar project in Zimbabwe

• Renewables developer Kibo Energy Plc (LON: KIBO; JSE: KBO) has consented to get a 100-MW solar project in Zimbabwe from Broomfield International Ltd for GBP 10 million (USD 13.2 m/EUR 12m) in stock.

The transaction concerns the solar project in Victoria Falls that will be developed in phases, beginning with a 5-MW portion attended become operational by the end of next month and a further 20 MW before December 2022. The facility will be hooked to the Hwangwe-Victoria Falls national transmission line by way of a basic loop-in loop-out link.

The project has all required permits in place in addition to long-lasting, USD-denominated power purchase agreements (PPAs). Upon conclusion, the plant is expected to supply an equity internal rate of return (IRR) of around 17.6% as well as overall unlevered free capital (EBIT) of some USD 107 million (EUR 96.9 m), Kibo price quotes.

Broomfield additionally has some hydro, wind as well as solar systems in its portfolio in Africa, standing for a potential combined capacity of 160.4 MW. Kibo will certainly have a right of first refusal for each and every of them, according to the announcement.