Kibo Energy to acquire renewable energy company in Australia

LONDON - Kibo Energy PLC (AIM:KIBO, AltX: KBO) announced Wednesday it has entered into a conditional agreement to acquire Carbon Resilience Pte Limited, a utility-scale industrial decarbonization and renewable energy company.

The proposed acquisition, valued at US$135 million, would give Kibo control of a portfolio of onshore wind, solar, and battery energy storage projects in Queensland, Australia with potential generation capacity exceeding 14GW across 900,000 hectares.

According to the statement based on a company press release, the purchase price will be satisfied through the issuance of approximately 966 million new Kibo ordinary shares at a deemed price of £0.104 per share following a planned 1600:1 share consolidation.

The transaction is subject to several conditions, including publication of an AIM admission document, shareholder approval, and completion of satisfactory due diligence by all parties.

The deal qualifies as a reverse takeover transaction under AIM Rule 14 due to Kibo’s current cash shell status. Trading in Kibo’s shares on AIM remains suspended pending completion of the potential reverse takeover.

To fund initial costs related to the transaction, Kibo has issued a convertible loan note to an institutional investor providing up to £150,000 for working capital and preliminary reverse takeover expenses. The company indicated it will require additional funding to cover further working capital needs and transaction costs.

The eight project sites in the target’s portfolio are strategically located with consideration for grid access points and community benefits, primarily focused on onshore wind with capacity to co-locate solar photovoltaic and battery energy storage solutions.

Kibo described the acquisition as the first step in its strategy to develop large-scale clean power solutions supporting grid supply, industrial electrification, and low-carbon production facilities.

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