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.

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

Recommended

Share tips of the week – 30 September
Share tips

Share tips of the week – 30 September

MoneyWeek’s comprehensive guide to the best of this week’s share tips from the rest of the UK's financial pages.
30 Sep 2022
The best British tech stocks from a thriving sector
Share tips

The best British tech stocks from a thriving sector

Move over, Silicon Valley. Over the past two decades the UK has become one of the main global hubs for tech start-ups. Matthew Partridge explains why,…
29 Sep 2022
These 3 top value stocks offer
Share tips

These 3 top value stocks offer

Professional investor Adam Rackley of Cape Wrath Capital highlights three overlooked value stocks to buy.
29 Sep 2022
Three top-notch Asian stocks to buy
Share tips

Three top-notch Asian stocks to buy

Professional investors Adrian Lim and Pruksa Iamthongthong, managers of the Asia Dragon Trust, pick three of their favourite Asian stocks to buy now.
23 Sep 2022

Most Popular

What to do as the age of cheap money and overpriced equities ends
Investment strategy

What to do as the age of cheap money and overpriced equities ends

The age of cheap money, overpriced equities and negative interest rates is over. The great bond bull market is over. All this means you will be losin…
29 Sep 2022
Why everyone is over-reacting to the mini-Budget
Budget

Why everyone is over-reacting to the mini-Budget

Most analyses of the chancellor’s mini-Budget speech have failed to grasp its purpose and significance, says Max King
29 Sep 2022
Mini-Budget: will Kwasi Kwarteng’s gamble on growth work?
Budget

Mini-Budget: will Kwasi Kwarteng’s gamble on growth work?

The government has launched the biggest dash for growth in 50 years, relaunching an approach known as supply-side economics. What is the plan – and wi…
30 Sep 2022