Last checked at 21 Jan 2013 07:00
Press release | 21 January 2013 |
Kedco plc
("Kedco" or the "Company")
Co-development agreement signed
for up to 30MW of wind energy projects
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 signed a co-development agreement with a private landowner for three windfarm projects in the North West of Ireland, with a total potential capacity of up to 30MW.
Under the co-development agreement, Kedco will fund all associated pre construction development costs related to the projects, in return for a 50 per cent. shareholding in each project. The Company has further agreed that a planning submission for each project will be submitted by the end of 2013. The Company will provide further updates in due course.
Gerry Madden, CEO of Kedco, commented: "The rationale behind the recent acquisition of Reforce Energy was to both diversify and accelerate the growth of our pipeline of energy projects. Through the new wholly owned subsidiary, we are delighted to have added a further 30MW of wind energy to our portfolio of projects and to see the momentum growing behind our strategy of building a pipeline of at least 300MW of renewable energy. Together with the 25MW Londonderry project and 4MW extension to our Newry Project announced on the 14 January, this brings the total portfolio under development by the Company to 125MW.
"Ireland has one of the best wind resources in Europe making it a very attractive location for the development of wind energy projects and there is the exciting prospect of a potential export market for this renewable energy to the UK. Kedco is successfully positioning itself to have an attractive portfolio of renewable energy generating and development assets on both sides of the Irish Sea.
"The addition of the three projects complements Kedco's existing pipeline and the Company is currently considering similar opportunities which will further establish a balanced portfolio of projects across various renewable technologies."
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For further information:
Kedco plc | +353 (0)21 483 9104 |
Gerry Madden, CEO and Interim Finance Director | |
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 |
Ashleigh Lezard / 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