KIBO Energy, the UK renewables developer, says it has dropped its interest to acquire the 100MW Victoria Falls solar park, citing incomplete information from the project’s current owners.
The company had said in March that it had agreed to buy the project from Broomfield International Limited for US$12.6 million. Now Kibo says due diligence on the project shows it does not meet its requirements.
Kibo found that certain sections of the project still needed further development over a short period of time. In other instances, the company says, Broomfield did not provide enough information about the project.
“If transactions do not meet our information or returns requirements, it is not appropriate to proceed,” said Kibo chief executive Louis Coetzee. “This transaction, following our due diligence process which included satisfying the board on the documentation required for the regulatory re-admission and subsequent revised economics, ultimately did not meet our acquisition criteria.”