Kedco signs heads of terms for Londonderry project
Renewable energy group Kedco on Monday provided an update on progress on its product portfolio. The highlight of the same was the signing of a heads of terms agreement with the Londonderry Port & Harbour Commissioners regarding a new biomass project, with a capacity of up to 25MW.
Renewable energy group Kedco on Monday provided an update on progress on its product portfolio. The highlight of the same was the signing of a heads of terms agreement with the Londonderry Port & Harbour Commissioners regarding a new biomass project, with a capacity of up to 25MW.
Gerry Madden, Chief Executive Officer (CEO) of Kedco, highlighted that: "(...) Following the commissioning of the Newry Biomass project, the Company has had a number of approaches from various parties with a view to developing new renewable energy projects. The Londonderry Port project is the first such project, and we are delighted to have signed heads of terms."
As well, Kedco notified the market of the beginning of the pre-planning consultation process for a 4MW extension to the Newry Biomass project. This will bring the total capacity of the Newry project up to 8MW once all phases are fully constructed.
Subscribe to MoneyWeek
Subscribe to MoneyWeek today and get your first six magazine issues absolutely FREE

Sign up to Money Morning
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Don't miss the latest investment and personal finances news, market analysis, plus money-saving tips with our free twice-daily newsletter
Said extension will be developed on land currently leased by the project entity, Newry Biomass Limited ("NBL").
NBL has also already paid a deposit on a new dedicated 33kv grid connection, which will have the ability to take up to 20MW of capacity Kedco also reported today that, following the completion of wind studies at its 500KW Altilow wind project In Donegal, which are expected to take twelve months, the project will move toward financial close and construction. It is expected to be operational in mid-2014.
At 16:00 shares of Kedco were rising by 12.5% to the 90p mark.
AB
Sign up for MoneyWeek's newsletters
Get the latest financial news, insights and expert analysis from our award-winning MoneyWeek team, to help you understand what really matters when it comes to your finances.
-
UK-US trade deal announced: US cuts tariffs on UK car imports to 10%
Keir Starmer and Donald Trump have announced a UK-US trade deal, but the US president has refused to lift baseline tariffs on most UK goods. What does it mean for the UK?
-
How to use mid-caps to diversify from the US
Medium sized companies are overlooked by investors but could offer an attractive ‘sweet spot’. We consider the case for mid-caps amid market volatility.