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2023-12-11 10:03 AM

Kibo’s Subsidiary Extends Deadline Amid Funding Flux and Strategic Share Adjustments in Energy Sector

  • MED received confirmation from Proventure Holdings for a £2 million Interim Payment between December 15-20.
  • The extension allows Proventure time to fulfill JVA obligations while exploring alternative funding options.
By Lethabo Ntsoane

Kibo Energy PLC’s subsidiary, Mast Energy Developments PLC (MED), has provided a significant update on the completion of the Joint Venture Agreement (JVA) with Proventure Holdings (UK) Ltd. The renewable energy-focused development company has been navigating funding challenges and delays, prompting strategic decisions from both parties.

JVA Completion Update

In the latest development, MED has received verbal and written confirmation from Proventure Holdings (UK) Ltd regarding the initial Interim Payment of £2 million. This crucial payment is anticipated to be transferred to the Joint Venture Special Purpose Vehicle (JV SPV) between 15 and 20 December 2023, contingent upon the finalization and signature of definitive agreements.

This confirmation follows a series of announcements in October, November, and December 2023, indicating ongoing negotiations and delays in the funding process. The Board of MED, a UK-based multi-asset owner, developer, and operator in the flexible power market, has extended the deadline for Proventure to rectify its position and fulfill obligations under the binding JVA.

Shareholding Adjustments

Simultaneously, Kibo Energy PLC discloses a minor adjustment in its shareholding within MED. The shareholding has shifted from 48.35% to 47.08%, as communicated by MED in a TR1 filing on 5 December 2023.

Regulatory Considerations

The announcement emphasizes that this information contains inside information as per the UK version of the Market Abuse Regulations (EU) no. 596/2014, integrated into United Kingdom domestic law by virtue of the European Union (Withdrawal) Act 2018 (‘UK MAR’).

Looking Ahead

As the renewable energy landscape continues to evolve, stakeholders in the sector will be closely monitoring the progress of these developments. The extension granted by MED allows for a more comprehensive evaluation of funding options, contributing to the company’s strategic resilience.

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Lethabo Ntsoane

Lethabo Ntsoane holds a Bachelors Degree in Accounting from the University of South Africa. He is a Financial Product commentator at Rateweb. He is an expect financial product analyst with years of experience in reviewing products and offering commentary. Lethabo majors in financial news, reviews and financial tips. He can be contacted: Email: lethabo@rateweb.co.za Twitter: @NtsoaneLethabo