Kedco plc Co-development agreement signed for up to 30MW of wind energy projects
Kedco plc, 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 signed a co-development agreement with a private landowner for three windfarm projects in the North West of Ireland, with a total potential capacity of up to 30MW.
Under the co-development agreement, Kedco will fund all associated pre construction development costs related to the projects, in return for a 50 per cent. shareholding in each project. The Company has further agreed that a planning submission for each project will be submitted by the end of 2013. The Company will provide further updates in due course.
Gerry Madden, CEO of Kedco, commented: “The rationale behind the recent acquisition of Reforce Energy was to both diversify and accelerate the growth of our pipeline of energy projects. Through the new wholly owned subsidiary, we are delighted to have added a further 30MW of wind energy to our portfolio of projects and to see the momentum growing behind our strategy of building a pipeline of at least 300MW of renewable energy. Together with the 25MW Londonderry project and 4MW extension to our Newry Project announced on the 14 January, this brings the total portfolio under development by the Company to 125MW.
“Ireland has one of the best wind resources in Europe making it a very attractive location for the development of wind energy projects and there is the exciting prospect of a potential export market for this renewable energy to the UK. Kedco is successfully positioning itself to have an attractive portfolio of renewable energy generating and development assets on both sides of the Irish Sea.
“The addition of the three projects complements Kedco’s existing pipeline and the Company is currently considering similar opportunities which will further establish a balanced portfolio of projects across various renewable technologies.”