Kibo Energy has signed a binding term sheet with Swiss company ESGTI for a reverse takeover to acquire a diverse portfolio of renewable energy projects. The deal targets a generation capacity of 20 GW across Europe and Africa within six years, encompassing 36 development projects in 15 countries.

Valued at €400 million ($445 million), the acquisition marks Kibo’s strategic shift away from coal and waste-to-energy projects in Sub-Saharan Africa, managed by its subsidiary Kibo Mining (Cyprus) Limited (KMCL). The reverse takeover, facilitated by Aria Capital Management, involves a share capital consolidation and a €30 million share placing.

The deal is subject to due diligence, regulatory approvals, and board and shareholder consent. Kibo has agreed to sell KMCL to Aria, excluding its 19.52% stake in UK-based Mast Energy Developments.

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