Kedco, a renewable energy group focusing on the production of clean energy in the UK and Ireland, has signed a heads of agreement to acquire Reforce Energy, a renewable energy development company, ahead of signing final legal contracts and the completion of all pre-conditions relating to the acquisition.
The acquisition, in completed, will be satisfied by the issue of new Kedco ordinary shares and would not involve cash consideration.
Reforce, which was founded last year, is focused on small-scale renewable projects across various technologies. The company's key markets are the UK, Ireland and Northern Ireland where it already has an active pipeline of over 60 projects with a capacity of in excess of 40MWs at various stages of development.
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Gerry Madden, Chief Executive of Kedco, said: "As recently reported to Kedco shareholders, we have been examining a potential acquisition which we believe has an attractive and diverse portfolio of complimentary projects as well as a strong and experienced management team.
"Kedco has a clear strategy to become one of the UK & Irelands largest independent renewable energy companies. This acquisition would add both breadth to the pipeline and available technologies as well as depth to the management team."
NR
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