Kedco PLC 500kW Moneygorm Wind Project (9442X)
February 15 2013 - 2:00AM
UK Regulatory
TIDMKED
RNS Number : 9442X
Kedco PLC
15 February 2013
Press release 15 February 2013
Kedco plc
("Kedco" or the "Company")
Key milestone achieved for 500kW Moneygorm wind project
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 from An Bord
Pleanala, the Irish national planning body, for its 500kW Moneygorm
wind project.
The Moneygorm project is located in Glenville, Co. Cork and will
consist of a single wind turbine with a maximum export capacity of
500kW. The project has received a 10 year planning permission with
a 25 year operational term post commissioning.
The Company intends to move quickly to the next stages of
development with a meteorological mast due be installed at the site
in the next six weeks. This will collect wind data on site over a
12 month period following which a wind report will be prepared for
bank financing. An application to connect to the national grid will
also be made immediately.
The project is due to start construction in Q1 2014 with first
revenue generation by Q3 2014. The Company's intention is to
finance both the Moneygorm and Altilow projects together thereby
creating a small-scale wind portfolio into which further wind
projects can be added.
Gerry Madden, CEO of Kedco, commented: "We are delighted to
announce the receipt of the first planning permission for a Reforce
Energy project since the completion of its acquisition in late
December 2012. In addition to the Pluckanes and Altilow projects,
the Company now has three consented wind projects, which it expects
to commission and start generating revenue from in the next 18
months.
"This announcement also highlights the key strategic reasons for
the acquisition of Reforce Energy and the benefits of focusing on
both large and small-scale projects across the various renewable
energy technologies.
"We have set a minimum target of obtaining planning permissions
for a further five small scale renewable projects during 2013 and
the Company is making strong progress against this target. We
expect to be in a position to make further announcements on the
Company's progress in the near future."
- Ends -
For further information:
+353 (0)21 483
Kedco plc 9104
Gerry Madden, CEO
+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
Janine Brewis/ Joanne Shears/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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