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Kibo Energy has upgraded existing pact with Tanzanian authorities for the development and implementation of the Mbeya coal-to-power project (MCPP).
According to the company, the deal inked with the Tanzania Ministry of Energy and the Tanzania Electric Supply Company (Tanesco), regarding a power purchase agreement (PPA) is to provide a more streamlined process with materially shorter time lines for PPA finalisation.
“All parties have agreed to replace the original MoU and update it to streamline the process for conclusion of the PPA,” the company said.
The updated MoU has subsequently been approved and confirmed in writing by the board of Tanesco, and authorised for immediate implementation.
“This agreement underlines the recognition by all stakeholders that the MCPP project is of national importance and that there was a need to define a faster process to reach formal agreement on a PPA through the MoU,” said Louis Coetzee, Kibo Chief Executive Officer.
The approved and updated MoU has now been submitted to all other concerned parties.
