Last checked at 29 May 2013 07:00
Press release | 29 May 2013 |
Kedco plc
("Kedco" or the "Company")
Further milestones achieved on three small scale wind 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 received planning permission on two separate single wind turbine projects known as the Killuagh and Knockavadra projects. In addition to this, the Company has received confirmation from ESB Networks that the 500kw Altilow wind project will be granted an offer to connect to the national grid; this offer is expected to be issued within the next 21 days.
The Killuagh project is located in Delvin, Co. Westmeath and will consist of a single wind turbine with a maximum export capacity of 500kW. The project has received a decision, from Westmeath County Council, to grant planning permission for the project. This decision is subject to a four week statutory time period for any third party appeals.
The Knockavadra project is located in Bweeng, Co. Cork and will consist of a single wind turbine with a maximum export capacity of 500kW. The project has received a decision, from Cork County Council, to grant a 10 year planning permission for the project. This decision is also subject to a four week statutory time period for any third party appeals.
Similar to the Altilow and Moneygorm single wind turbine projects, the Company intends to move quickly to the next stages of development with a meteorological mast due to be installed at both sites once the final grant of planning permission is received in four weeks. This will collect wind data on site over a 12 month period following which a wind report will be prepared for bank financing of each project. The intention is also to apply to connect to the national grid immediately.
Both projects are expected to start construction in Q2 2014, with initial revenue generation forecast by Q4 2014. The Company's intention is to add the two projects to the single wind turbine portfolio financing which will include the Pluckanes Windfarm, the Moneygorm and Altilow projects.
In relation to the 500kw Altilow single wind turbine project, this project already has planning permission in place and the Company has been informed that a grid connection offer will be issued by ESB Networks within the next 21 days. Once received the Altilow project will have in place all the key consents to start construction. The Board looks forward to providing shareholders with further updates in due course.
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For further information:
Kedco plc | +353 (0)21 483 9104 |
Gerry Madden, CEO | |
Shore Capital - Nomad & Broker | +44 (0)20 7408 4090 |
Pascal Keane / Anita Ghanekar | |
Abchurch Communications - Financial PR | +44 (0)20 7398 7707 |
Janine Brewis / Joanne Shears / Shabnam Bashir |
About Kedco plc
Kedco Group is a renewable energy portfolio developer and operator whose business strategy is to identify, develop, build, own and operate renewable energy electricity and heat generation plants in the UK and Ireland.
The Group possesses significant knowledge of renewable energy markets, clean technologies, fuel sources, project development, project finance and project delivery.
Kedco was admitted to trading on AIM, a market operated by the London Stock Exchange, in October 2008 (AIM: KED).
www.kedco.com
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