Last checked at 15 Feb 2013 07:00
Press release | 15 February 2013 |
Kedco plc
("Kedco" or the "Company")
Key milestone achieved for 500kW Moneygorm wind project
Kedco plc, (AIM:KED) the renewable energy group focusing on the production of clean energy in the UK and Ireland, is pleased to announce that its wholly owned subsidiary Reforce Energy Limited ("Reforce"), has received planning permission from An Bord Pleanala, the Irish national planning body, for its 500kW Moneygorm wind project.
The Moneygorm project is located in Glenville, Co. Cork and will consist of a single wind turbine with a maximum export capacity of 500kW. The project has received a 10 year planning permission with a 25 year operational term post commissioning.
The Company intends to move quickly to the next stages of development with a meteorological mast due be installed at the site in the next six weeks. This will collect wind data on site over a 12 month period following which a wind report will be prepared for bank financing. An application to connect to the national grid will also be made immediately.
The project is due to start construction in Q1 2014 with first revenue generation by Q3 2014. The Company's intention is to finance both the Moneygorm and Altilow projects together thereby creating a small-scale wind portfolio into which further wind projects can be added.
Gerry Madden, CEO of Kedco, commented: "We are delighted to announce the receipt of the first planning permission for a Reforce Energy project since the completion of its acquisition in late December 2012. In addition to the Pluckanes and Altilow projects, the Company now has three consented wind projects, which it expects to commission and start generating revenue from in the next 18 months.
"This announcement also highlights the key strategic reasons for the acquisition of Reforce Energy and the benefits of focusing on both large and small-scale projects across the various renewable energy technologies.
"We have set a minimum target of obtaining planning permissions for a further five small scale renewable projects during 2013 and the Company is making strong progress against this target. We expect to be in a position to make further announcements on the Company's progress in the near future."
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For further information:
Kedco plc | +353 (0)21 483 9104 |
Gerry Madden, CEO | |
Deloitte Corporate Finance - Nomad | +44 (0)20 7936 3000 |
David Smith / Byron Griffin | |
SVS Securities plc - Broker | +44 (0)20 7638 5600 |
Ian Callaway / Alex Mattey | |
Abchurch Communications | +44 (0)20 7398 7707 |
Janine Brewis/ Joanne Shears/Shabnam Bashir |
About Kedco plc
Kedco plc's business strategy is to identify, develop, build, own and operate renewable energy electricity and heat generation plants in the UK and Ireland. These plants will contribute to the need for sustainable energy from renewable sources.
The Company possesses significant knowledge of renewable energy markets, clean technologies, fuel sources, project development, project finance and project delivery.
Kedco has a strong pipeline of renewable energy projects at varying stages of operation and development, including a 4MW plant in Newry in Northern Ireland whose initial phase has commenced operation and a site in North London with full Planning and Environmental Permission for the conversion of 60,000 tonnes of waste timber per annum into up to 12MW of electricity and heat. The Company has a construction ready 800kW Wind project in County Cork in Ireland and is currently engaged in the planning process for proposed renewable energy projects in Rutland, East Anglia and Clay Cross, Derbyshire and for three Wind projects and two Solar projects on the island of Ireland.
Kedco was admitted to trading on AIM, a market operated by the London Stock Exchange, in October 2008 (AIM:KED).
www.kedco.com