Kedco PLC Co-development agreement for 30MW of wind energy (9080V)
January 21 2013 - 2:00AM
UK Regulatory
TIDMKED
RNS Number : 9080V
Kedco PLC
21 January 2013
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."
- Ends -
For further information:
+353 (0)21 483
Kedco plc 9104
Gerry Madden, CEO and Interim Finance Director
+44 (0)20 7936
Deloitte Corporate Finance - Nomad 3000
David Smith / Byron Griffin
+44 (0)20 7638
SVS Securities plc - Broker 5600
Ian Callaway / Alex Mattey
+44 (0)20 7398
Abchurch Communications 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
This information is provided by RNS
The company news service from the London Stock Exchange
END
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