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.
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.
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.
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’).
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.