South Africa Procurement News Notice - 35484


Procurement News Notice

PNN 35484
Work Detail Kibo Energy, a renewable energy-focused development company, has entered into an exclusive agreement with Hasta Trust to jointly assess and develop a portfolio of long-duration energy storage projects. The projects will be held exclusively by National Broadband Solutions (NBS) (currently 100% owned by Hasta) in South Africa, with an initial target of c. 36,320MWh capacity. Louis Coetzee, CEO of Kibo Energy, commented: “The projects will service specific industry/business sectors within South Africa, with many of these industries severely impacted by the frequent loadshedding – a system of rationing electricity during the day – imposed by the country’s national utility.” Long-duration energy storage is categorised as storage for durations of eight hours up to weeks and provides for intraday, multiday and seasonal flexibility. Long-duration energy storage technologies can play a crucial role in helping create the system flexibility and stability required by an increasing renewable share in power generation. The agreement is a major step forward in Kibo’s strategy to integrate long-duration energy storage into its commercial project pipeline and follows closing a framework agreement with CellCube to develop and deploy CellCube based Long-Duration Energy Storage (LDES) solutions in Southern Africa. “We believe that CellCube’s approach to LDES uses the technology most likely to dominate the renewable energy electricity generation sector, for the purposes of a utility-scale battery storage system, to ensure consistent and reliable electricity supply to clients who are increasingly suffering from the unreliable electricity supply by the national utility,” said Coetzee. Kibo will acquire a 51% interest in NBS, in exchange for granting NBS exclusive access to Kibo’s strategic capabilities and capacity, in respect of long-duration storage solutions, for specific market sectors covered by NBS’s project portfolio. Kibo will also appoint three directors to the board of NBS with Hasta appointing two directors.
Country South Africa , Southern Africa
Industry Energy & Power
Entry Date 04 Jun 2022
Source https://www.esi-africa.com/industry-sectors/energy-efficiency/agreement-signed-to-develop-long-duration-energy-storage-projects-in-sa/

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