Kedco makes first drawdown of loan facilities for new biomass plant in Newry
The first drawdown of loan facilities for a new biomass plant in Newry have been made this week. Newry Biomass LTD, a joint venture between Kedco and Farmer Business Developments, see this first drawdown as a major step for Kedco.
Gerry Madden chief executive of Kedco said: “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.”
Newry Times reported last month that Kedco had secured a loan for the biomass plant, speaking back in December, Mr Madden also 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.”
He 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.”
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