Initial Commissioning of Kedco's Newry Plant (2035G)

TIDMKED

RNS Number : 2035G

Kedco PLC

27 June 2012

 
 Press release   27 June 2012

Kedco plc

("Kedco" or the "Company")

Initial Commissioning of Kedco's Newry Plant

Kedco plc, (AIM:KED)the renewable energy group focusing on the production of clean energy in the UK and Ireland, announces that the Company's plant in Newry, Northern Ireland, (the "Plant") today commences the production of syngas for the generation of electricity from its biomass electricity and heat generation plant. The Plant has achieved Form G59 certification which means that the connection to the electricity grid is certified by the Distribution Network Operator (DNO) confirming its integrity and safety to export electricity.

Kedco's business strategy is to identify, develop, build, own and operate biomass electricity and heat generation plants. These plants will help to satisfy the demand for sustainable energy from renewable sources.

The Plant was approved for GBP7.8 million of bank finance by Ulster Bank Group, a subsidiary of RBS and has been developed as a joint venture with the Company's largest shareholder, Farmer Business Developments plc. Once fully operational, it is anticipated that the Plant will employ up to 12 people and provide clean electricity to over 7,000 homes.

Kedco has a strong pipeline of additional plants at varying stages of development, including 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 is also currently engaged in the planning process for proposed biomass projects in Rutland, East Anglia and Clay Cross, Derbyshire.

Gerry Madden, CEO of Kedco, commented: "The initial commissioning of the Plant marks the Company's progress from being solely a clean energy project developer to becoming a clean energy producer. The Board is delighted with the progress made at the site, and is looking forward to progressing to final commissioning of the Plant, when it will become fully operational. Biomass electricity and heat producing technologies are among the most incentivised in the UK, and this support further underpins Kedco's business model.

"The Board is excited about the prospects for the future of the Plant in Newry, as well as the pipeline of other projects that the Company currently has underway."

- Ends -

For further information:

 
Kedco plc                                        +353 (0)21 483 9104 
Gerry Madden, Interim CEO and Finance Director 
Deloitte Corporate Finance - Nomad               +44 (0)20 7936 3000 
Jonathan Hinton / David Smith 
SVS Securities plc - Broker                      +44 (0)20 7638 5600 
Ian Callaway / Alex Mattey 
Abchurch Communications                          +44 (0)20 7398 7714 
Joanne Shears/Oliver Hibberd

This information is provided by RNS

The company news service from the London Stock Exchange

END

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