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Kedco

  • BY: Andrew Hore |
  • POSTED: 02/07/2013 |

Renewable energy projects developer Kedco is assessing ways of raising additional finance. 

Kedco has gained assurance from HMRC that it is eligible for VCT and EIS investment. This should help the company to raise money. Kedco is effectively dependent on funding from its main shareholders. The largest shareholder subscribed for a £400,000 convertible loan note issue at the end of March.

Net debt was €3.48m at the end of 2012 with the Newry biomass CHP project joint venture debt off-balance sheet.

Kedco is certainly making progress. Kedco has already achieved its 2013 minimum target of doubling the size of its development portfolio to 140MW - it is currently 146.8MW. Kedco has also signed heads of terms with London & Devonshire Trust for a new biomass project in Plymouth with a capacity of up to 10MW. There also plans for a similar sized biomass project in County Waterford.

Foresight Group has been signed up as preferred funder for the 12MW Enfield biomass project. There are plans to move forward with the next phase of the Newry project, which is already generating electricity. Some wind projects could start generating revenues before the end of the year.

Kedco has started work on a solar project on the Island of Sark.

At 0.67p a share, Kedco is valued at £7.5m.

Download the latest AIM Journal from http://www.hubinvest.com/AIMPDFJune2013_45.pdf

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