Kibo-Hasta Trust Agreement to Expand Energy Storage Projects in SA

Connect with us:

energy storage

Green energy development company Kibo Energy has signed an exclusive agreement with Hasta Trust to jointly develop a portfolio of long-duration energy storage (LDES) projects in South Africa.

The projects will be held exclusively by National Broadband Solutions (NBS), which is currently 100% owned by Hasta Trust.

Kibo makes the move, following successful projects in the United Kingdom and elsewhere in Africa.

With an initial target of approximately 36,320 MWh, the LDES projects will play a vital role towards the development of both system flexibility and reliability as storage systems transition towards incorporating more renewable energy into their share of power generation.

LDES is capable of storage ranging from between eight hours and a few weeks; the technology also allows for seasonal flexibility, intraday and multi day options.

In exchange for granting NBS exclusive access to Kibo Energy’s strategic capabilities and capacity, the renewable energy development company will acquire a 51% interest in NBS and will also appoint three directors to its board, while Hasta Trust will appoint two directors.

The agreement – which follows the recent finalization of a framework agreement with energy storage company CellCube to develop LDES solutions in southern Africa – is considered a major step by Kibo Energy to integrate LDES projects into its commercial project pipeline.

“We are pleased to have entered into this agreement with Hasta, which aligns perfectly with the company’s strategy to become a significant presence in the long-duration energy storage market and sets up an additional potential revenue stream for Kibo,” stated Louis Coetzee, CEO of Kibo Energy.

The projects deployed by Kibo Energy will service select business and industry sectors in South Africa that are currently being severely impacted by loadshedding – a system of rationing electricity – currently being implemented by the country’s national utility, Eskom.

Other Reads

Other Reads

Matthew Goosen

Matthew Goosen

Matthew Goosen is a Video Editor and Content Writer at Energy Capital & Power. He holds an Honours Degree in Film and Media Studies at the University of Cape Town and is currently undergoing his Masters Degree. Born in Pretoria and raised internationally, he has been living in Cape Town since 2013.

More from the Author

Sign up for latest news and event info

Copyright © 2022 Energy Capital & Power. Privacy Policy · Terms of Use