Energy company Kibo Energy has signed an agreement with Hasta Trust to develop a portfolio of large-scale electricity storage projects in South Africa. The two partners are targeting 36,320 MWh of capacity.
Kibo Energy is accelerating its focus on electricity storage. The Irish-based energy company is entering into a new partnership with an electricity storage operator in South Africa. This is Hasta Trust, which is currently the sole shareholder in National Broadband Solutions (NBS). Under the agreement, the two companies will jointly evaluate and develop a portfolio of long-term electricity storage projects.
Initially, Hasta and Kibo are targeting 36,320 MWh of capacity, with the entire portfolio to be owned by NBS. However, Hasta will sell 51% of the shares in NBS to Kibo. As a result, the company, which also excels in renewable energy production, will appoint three directors to the NBS board and Hasta will appoint two.
Also, NBS will have exclusive access to Kibo’s strategic capabilities in long-term storage solutions for specific market sectors covered by NBS’ project portfolio. “This agreement is a major step forward in Kibo’s strategy to integrate long-term energy storage into its commercial project portfolio and follows the conclusion of a framework agreement with CellCube to develop and deploy storage solutions,” says Kibo Energy.
Signed only a few days ago, the partnership between Kibo and CellCube aims to provide 1,000 MW of electricity storage capacity. These systems will be deployed in the Southern African Development Community (SADC) over the next five years. The partnership targets the microgrid sector rather than large-scale power generation projects.
Jean Marie Takouleu