Pacific Energy Limited
(ASX:PEA) has entered the African energy market by incorporating a subsidiary company in Johnnesburg.
The company says that its new subsidiary, KPS Power Africa Pty Ltd, will focus on remote power opportunities, particularly for the mining industry.
The company also says that, with 600 mining projects across the African continent, it has the potential to build a sizeable portfolio of power generating assets in Africa.
Pacific Energy’s managing director, James Cullen, says that many mines in Africa do not have access to grid power due to their remote locations. Mr Cullen also says that, for the mines that are connected to the grid, they often do not have reliable access to power.
Pacific Energy reported a net profit of $7.29 million at 31 December 2015.
