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Press release |
9 January 2012 |
Kedco plc
("Kedco" or the "Company")
First drawdown of loan facilities for Newry plant
Further to the announcement of 14 November 2011, Kedco plc, (AIM:KED) the waste to energy group focusing on the production of clean energy in the UK and Ireland, is pleased to announce that pursuant to the facilities agreement between Newry Biomass Limited ("NBL") and Ulster Bank Group ("Ulster Bank"), a subsidiary of the Royal Bank of Scotland plc, NBL has initiated its first drawdown under the agreement.
NBL, which is a joint venture between Kedco and its major shareholder, Farmer Business Developments plc ("FBD"), was established to develop a biomass electricity and heat generating plant in Newry, Northern Ireland.
Gerry Madden, CEO of Kedco, commented: "The satisfying of the final conditions of the facilities agreement with Ulster Bank and the first drawdown of funds mark a significant step for Kedco. This drawdown enables us to progress towards commissioning the first 2MW capacity of the plant in Newry by Q2 2012, and we look forward to updating shareholders as we continue to move forward."
- Ends -
For further information:
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Kedco plc |
+353 (0)21 467 0427 |
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Gerry Madden, Interim CEO and Finance Director |
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Deloitte Corporate Finance - Nomad |
+44 (0)20 7936 3000 |
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Jonathan Hinton / David Smith |
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SVS Securities plc - Broker |
+44 (0)20 7638 5600 |
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Ian Callaway / Alex Mattey |
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Abchurch Communications |
+44 (0)20 398 7712 |
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Ashleigh Lezard/Oliver Hibberd |
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ashleigh.lezard@abchurch-group.com |
This information is provided by RNS