MAST Energy Developments (MED), Kibo Energy’s 60%-owned subsidiary, has signed a binding conditional agreement for the exclusive right to undertake due diligence and negotiate the potential acquisition of five peaking power sites totalling 25.85 MW. Under the terms of the agreement, MED has secured, at no cost, the exclusive right to acquire the peaking power sites from a prospective developer, subject to the completion of due diligence to MED/Kibo’s satisfaction and subsequent agreement of detailed commercial terms and conditions, including the acquisition price and transaction structure.
