Business
Update on Projects
Update on Projects.
About this update from Forgent Plc
[{"type":"text","content":"\n \nRNS Number : 1773W React Energy PLC 23 December 2013 \n \n\n \n\n\n\n\nPress release \n\n\n23 December 2013\n\n\n\n\n \nREACT Energy plc (formerly known as Kedco plc)\n(\"REACT Energy\" or the \"Company\")\n \nUpdate on 12MW Enfield Biomass CHP, Plymouth Biomass CHP and Altilow wind projects \n \nREACT Energy plc, (AIM:REAC) the renewable energy developer and operator focusing on the production of clean energy in the UK and Ireland, is pleased to provide an update on a number of projects in its portfolio, including the 12MW Enfield Biomass combined heat and power (\"CHP\") project (the \"Enfield Project\") located in North London. \n \n12MW Enfield Biomass CHP Project\n \nThe Enfield Project has full Planning and Environmental Permission for the conversion of 60,000 tonnes of waste timber per annum into up to 12MW of electricity and heat. \n \nThe Company continues to make good progress towards reaching financial close and starting construction on the project. Progress has been made in the last few months across a number of key aspects of the project. In particular, the Company recently worked with the Foresight Group to acquire the site that the project is located on as well as signing a new lease for the project. This transaction involved a fund managed by Foresight Group acquiring the site from a third party. In conjunction with this, Enfield Biomass Limited (a subsidiary of the group) has signed a revised lease agreement for the site. While this transaction slightly delayed financial close for the overall construction of the project it means that Foresight Group, as the main financing partner, now has a direct financial interest in the project. \n \nNegotiations with MWH Global Inc regarding the EPC contract are progressing and moving towards a conclusion. The company expects to have a final form of contract ready for signing shortly. Heads of terms with feedstock suppliers have also been signed with negotiations continuing with a number of other potential suppliers. \n \nOther project updates\n \nAltilow single wind turbine project\nThe Altilow project is a 500kw single wind turbine located in Co. Donegal, Ireland. The project received planning permission in July 2012 and a met mast was installed at the site in December 2012. The Company is pleased to ...