- Kibo Energy and Hasta Trust signed an agreement to deploy large-scale electricity storage in South Africa.
- Both companies plan 36,320MWh of capacity.
Kibo Energy has entered into a partnership agreement with Hasta Trust to develop a portfolio for large-scale electricity storage projects in South Africa. Both companies have a target of deploying 36,320MWh of capacity.
According to the agreement deal, the entire portfolio will be owned by the National Broadband Solutions (NBS), South Africa. Hasta will sell 51% of the shares in NBS to Kibo. As a result, the company (Kibo Energy) will appoint three directors to the NBS board, and Hasta will appoint two. Also, NBS will have full access to Kibo’s strategic capabilities in long-term storage solutions for specific market sectors covered by NBS’ project portfolio. According to Kibo Energy, “this agreement is a major step forward in Kibo’s strategy to integrate long-term energy storage into its commercial project portfolio and follows a framework agreement with CellCube to develop and deploy storage solutions.”
The partnership aims to provide 1,000MW of electricity storage capacity. The systems will be deployed in the Southern African Development Community (SADC) over the next five years. It targets the microgrid sector rather than large-scale power generation projects.