Renewable energy developer gets go ahead for Newry project

Declan McAteer Posted by
Sunday, December 18th, 2011

Irish renewable energy developer Kedco have this month agreed on a loan from Ulster Bank to finish a biomass plant in Newry. The Newry project is one of five the company is planning in the UK that will use wood and waste to generate electricity. Speaking about the project, CEO and finance director for Kedco Gerry Madden said, “The Newry plant is a game changer for the company. The signing of the banking facilities with RBS for the Newry Biomass Plant is an endorsement of the company’s strategy to build biomass energy plants in the UK. It allows the company to now pursue the opportunities represented by the other plants in our pipeline.”

Mr Madden continued, “There are no guarantees that RBS will fund our future plants but you could take the view that they wouldn’t have invested all the effort they have in Newry if they didn’t see potential in the future, they know we have a pipeline and they know that the London project is three times the size of Newry.”

“We have quite a strong pipeline of companies that we are looking at forging possible partnerships with. Partnering with waste companies is a good option for us,” he added.

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