- Kibo Energy has signed a renewed Memorandum of Understanding (‘MOU’) with Tanzania Electric Supply Company Limited (‘TANESCO’) for the Mbeya Power Project.
- The MOU sets clear guidelines, deliverables and timelines for the conclusion of a PPA and related implementation agreements.
Kibo Energy, a renewable-energy development company, has signed a renewed Memorandum of Understanding (‘MOU’) with Tanzania Electric Supply Company Limited (‘TANESCO’) for the Mbeya Power Project as first announced in a Company in February 2018. The renewed MOU is an agreement between the parties on the process of agreeing and concluding a Power Purchase Agreement (‘PPA’) where TANESCO will purchase power from Mbeya Power Limited (‘MPL’), a subsidiary of Kibo to the capacity of 300MW.
The MOU sets clear guidelines, deliverables and timelines for the conclusion of a PPA and related implementation agreements. In addition, it aims to establish a general framework of collaboration and cooperation to enable the design, development, financing, construction, commissioning and operation of the Mbeya Power Project and its associated infrastructure.
The Project is Kibo’s initial flagship energy project based in Tanzania. The renewed MOU will allow Kibo to reintroduce the Project into its development plans alongside the Company’s new bio-fuel initiative previously announced in August 2022.