Last checked at 24 May 2013 07:00
Press release | 24 May 2013 |
Kedco plc
("Kedco" or the "Company")
Update on 800kw Pluckanes Windfarm project
Kedco plc, (AIM:KED) the renewable energy group focusing on the production of clean energy in the UK and Ireland, is pleased to provide an update on progress of the 800kw Pluckanes Windfarm project located in Donoughmore, Co. Cork. The project is being developed by Pluckanes Windfarm Limited ("Pluckanes"), a wholly owned subsidiary of Kedco plc.
The project is fully consented having received planning permission and an offer to connect to the national grid. Pluckanes has finalised and signed a contract with Enercon GmBH for the supply and installation of an E48 800kw wind turbine and associated electrical works. A contract for the civil works associated with the project has also been signed with Cro Bar Construction Limited.
A pre-commencement notice has been issued to Cork County Council and construction work on the site is expected to start in early June 2013. The current construction programme envisages the project being connected to the national grid and generating electricity by the end of September 2013.
Pluckanes has also signed and accepted an offer letter for €1.15 million of senior term loans with Allied Irish Banks plc ("Allied Irish") to facilitate the construction of the project.
Allied Irish has completed its due diligence and the Company is in the process of satisfying the remaining conditions precedent to the drawdown of the bank facilities. Drawdown of the facilities is expected to coincide with the commencement of construction works in early June 2013.
Gerry Madden, CEO of Kedco, commented: "The Board is delighted with progress on the Pluckanes wind project and looks forward to construction works starting in the coming weeks. We expect to make further announcements regarding other single wind turbine projects in the near future, and we look forward to updating shareholders as appropriate."
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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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