Kedco PLC Heads of Terms Signed for Funding Enfield (0681G)
June 03 2013 - 2:00AM
UK Regulatory
TIDMKED
RNS Number : 0681G
Kedco PLC
03 June 2013
Press release 3 June 2013
Kedco plc
("Kedco" or the "Company")
Heads of terms signed for funding of Enfield Biomass CHP
project
Kedco plc, (AIM:KED) the renewable energy developer and operator
focusing on the production of clean energy in the UK and Ireland,
is pleased to announce the appointment of the Foresight Group
("Foresight") as the preferred funding partner in relation to its
12MW Enfield Biomass CHP project ("the Project") located in North
London.
Kedco has signed a non-binding heads of terms with Foresight for
the provision of debt and equity facilities which will part finance
the construction and operation of the Project. The heads of terms
are subject to completion of due diligence, legal documentation and
final investment committee approval. As part of the financing
structure a co-investor will be required to invest alongside
Foresight funds. Under the heads of terms Kedco will retain a
substantial equity participation in the Project in line with the
Company's stated strategy and will not be required to invest any
further funds on financial close.
It is intended that Foresight will part fund the Project through
its existing funds under management, which includes the Foresight
Environmental Fund ("FEF"). The FEF was corner stoned by the London
Green Fund (LGF), and has attracted investment from a number of
private sector investors. The FEF is part of London's drive to
encourage investment into waste and energy efficiency
infrastructure to create economic growth and jobs.
In addition, the Company announces the appointment of Fichtner
Consulting Engineers Limited as technical advisers to the Project.
Fichtner will be responsible for managing the tender process for
the Engineering, Procurement and Construction ("EPC") contract as
well as negotiations with the heat offtakers. The tender process
for the EPC contract has already commenced and discussions with
contractors are on-going. The company will now move towards
finalising and executing the various project and investor documents
with a view to reaching financial close and starting construction
in Q3 2013.
Gerry Madden, CEO of Kedco, commented: "The Board is delighted
to have appointed Foresight as our preferred funding partner for
the Enfield Biomass CHP project. Foresight has been actively
involved in the funding of Biomass CHP projects in the UK and we
look forward to working with them to achieve financial close in the
near future."
- Ends -
For further information:
+353 (0)21 483
Kedco plc 9104
Gerry Madden, CEO
+44 (0)20 7408
Shore Capital - Nomad & Broker 4090
Pascal Keane / Anita Ghanekar
+44 (0)20 7398
Abchurch Communications - Financial PR 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
About Foresight Group
Foresight Group is an independent specialist private equity,
infrastructure and environmental investor, which focuses primarily
on investments in unquoted UK and European companies or projects.
Foresight has in excess of GBP650 million assets under management
across a number of funds, including Institutional Limited
Partnerships, Enterprise Investment Schemes (EIS) and Venture
Capital Trusts (VCTs). Foresight has had a strategic focus on the
waste and environmental sector since 2006 and in that time has
assembled one of the most experienced technical and commercial
teams in the market. Foresight manages the GBP60 million Foresight
Environmental Fund ("FEF"), targeting waste infrastructure projects
in Greater London and the GBP50 million UK Waste Resources and
Energy Investments Fund ("UKWREI") on behalf of the UK Government's
Green Investment Bank targeting waste infrastructure projects
across the UK.
www.foresightgroup.eu
This information is provided by RNS
The company news service from the London Stock Exchange
END
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