Kibo Energy has announced plans to acquire Swiss investment company ESGTI AG
The €400 million deal will include 36 development projects in 15 countries in Europe and Africa
Wind, solar PV and agrivoltaic facilities with a combined 20 GW prospective capacity form part of the deal
Ireland-based renewable energy developer Kibo Energy PLC has signed a binding term sheet agreement to acquire Switzerland’s investment company ESGTI AG which will bring to its kitty 36 development projects, targeted to reach 20 GW generation capacity within the next 6 years.
These projects are spread across 15 countries and are at various stages of development, from early stage to under construction. The diverse portfolio of renewable energy projects comprises wind, solar PV, and agrivoltaics in Europe and Africa.
Valued at €400 million ($443 million), the deal is structured as a Reverse Takeover (RTO) since the proposed acquisition is substantially larger than the company’s current market capitalization, explained Kibo. Global asset management company Aria Capital Management Limited is arranging the proposed acquisition.
Additionally, Kibo will offload its wholly-owned Cyprus subsidiary Kibo Mining (Cyprus) Limited (KMCL) which contains its legacy coal assets, and its waste-to-energy and biofuel projects in Sub-Saharan Africa to reduce debt.
The proposed acquisition of the Swiss company is part of the company’s strategy to invest in renewable energy to capitalize on the global clean energy revolution, especially the strong government support and technical innovation in the United Kingdom (UK) and South Africa.