Kedco plc’s business strategy is to identify, develop, build, own and operate renewable energy electricity and heat generation plants in the UK and Ireland. These plants will contribute to the need for sustainable energy from renewable sources.
The Company possesses significant knowledge of renewable energy markets, clean technologies, fuel sources, project development, project finance, project delivery and operation. The Company is technology neutral and is focused on delivering optimal returns for shareholders through the diversification of technology, development and jurisdictional risks using Biomass, Wind, Anaerobic Digestion and Solar renewable technologies.
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Kedco's business strategy is to identify, develop, build, own and operate electricity and heat generation plants in the UK and Ireland. These plants contribute to the need for sustainable energy from renewable sources.
The Company possesses significant knowledge of renewable energy markets, clean technologies, fuel sources, project development, project finance, project delivery and operation.
The Company is technology neutral and is focused on delivering optimal returns for shareholders through the diversification of technology, development and jurisdictional risks using Biomass, Wind, Anerobic Digestion and Solar renewable technologies.
The Company aims to have a minimum of 300MW in its total pipeline within three years. The Company currently has a pipeline of renewable energy projects at various stages of operation and development totalling 140MW
Newry Biomass 4MW CHP, Northern Ireland
•The project has been developed through Newry Biomass Limited (“NBL”) a 50/50 joint venture between Kedco plc and FBD. Kedco plc is entitled to 92% of the economic benefit from the project.
•The project cost Stg£14.7m to construct which was provided through shareholder equity of Stg£6.8m and a project finance loan of Stg£7.9m from Ulster Bank Ireland Limited, a subsidiary of the Royal Bank of Scotland plc.
•The gasification technology was provided by Zeropoint and the GE Jenebacher engines are being installed by Clarke Energy.
•The first 2MW gasifier line was commissioned in Sept 2012 and when fully operational it will generate up to Stg£2m of revenue and Stg£1m of EBITDA.
•The second 2MW gasifier line will be commissioned during 2013 with full takeover expected by Dec 2013.
Once fully commissioned the project will generate up to Stg£4m of revenue and Stg£2m of EBITDA.
Enfield Biomass, 12MW CHP, North London
•The project has been developed through Enfield Biomass Limited (“EBL”) , which is currently 100% owned by Kedco plc. Over Stg£2m invested in the project to date.
•It is located on a 1.4 hectare site in Enfield, London.
•The project is fully consented having received planning permission from Enfield Borough Council in August 2010.
•The project has also received an offer to connect to the distribution network with capacity available in the area.
•The company has had discussions with a number of potential large blue chip offtakers for both the electricity and heat which will be generated by the project.
•Once fully commissioned the project will generate up to Stg£12m of revenue and Stg£7m of EBITDA.
•The Company is targeting financial close in mid 2013 following which construction will start on the project.
Pluckanes Wind– 800kw single wind turbine
•Pluckanes Windfarm Limited (“PWL”) was acquired by Reforce Energy Limited in Oct 2012. PWL has developed an 800kw single wind turbine project, which is located 20km north of Cork city, Ireland.
•The project is fully consented, ready to construct and has received a signed offer of bank financing for €1.15m. Due diligence has been completed and financial close is expected in the coming weeks.
•Following this the project will start construction and it is expected to be exporting electricity by September 2013
•A 15yr Power Purchase Agreement has been signed with Energia, which provides a fixed price (subject to increases in Irish CPI) for all electricity generated by the project.
•A turbine supply agreement and 15yr maintenance and warranty agreement have also been agreed with Enercon GmBH, who are the 3rd largest manufacturer of wind turbines worldwide.
Claycross – 12MW Biomass CHP
•The project is being developed through an agreement with Larkfleet Energy Limited and is located in Clay Cross in Derbyshire.
•The company has engaged in the planning process over the last 12 months and has held a number of public consultation meetings.
•The company expects to apply for full planning and permitting for a 12MW biomass power plant by June 2013.
•The site is currently permitted to take up to 100k tonnes of waste. It is expected that the project will require up to 80k tonnes of waste wood.
•The project is being based on the Newry Biomass 4MW CHP project with a trebling of the capacity to 12MW.
Altilow – 500kw ROI Wind
•The project is a 500kw single wind turbine located in Co. Donegal, Ireland.
•The project received planning permission from Donegal County Council in July 2012.
•An application for connection to the national grid was submitted to ESB Networks in early Dec 2012. A formal offer is expected to be received in the next 6mths.
•A meteorological mast has also been installed at the site and will collect wind data for a 12mth period, following which a bankable wind report will be commissioned.
•The project is expected to start construction in early 2014 with first export of electricity to the national grid in Q3 2014.
Other Projects in Pipeline:
•Newry Biomass Phase Three 4MW – Planning process already started for further 4MW of capacity bringing the total project up to 8MW. The company expects full planning and grid to be in place by year end for Phase Three.
•Small scale wind projects - over 7 projects currently in planning with a further minimum of 6 to be submitted during 2013.
•Large scale wind projects - co-development agreement signed with a private landowner for three windfarm projects in the North West of Ireland, with a total potential capacity of up to 30MW.
•Derry CHP 25MW – new project, signed HOT for in late 2012, option agreement to be signed in early 2013 following which the planning process will start.
•Small scale solar projects – two projects already planning approved, plan to install and commission these during 2013. Further opportunities for solar projects within existing pipeline.
•Anaerobic Digestion – Cork and Kerry AD 500kw projects planning approved with waste permit in place. Decision to be made pending review of government support scheme and project economics. At least two UK AD projects will be brought forward in 2013.
DERMOT O'CONNELL, NON - EXECUTIVE CHAIRMAN
Mr O’Connell, who is a former Chairman of Cork Cooperative Marts and a director of the Company’s largest shareholder, Farmer Business Developments plc, joined the Board as a Non-Executive Director in March 2011 and appointed as Non – Executive Chairman in October 2011. Dermot's other directorships comprise Fairfield Estates Limited, Fairfield Developments Limited, CCM House Limited, Corrin Event Centre Limited, Market Green Developments Limited, Market Green Estates Limited and CCM Dovea Genetics Limited.
GERRY MADDEN, CEO
Gerry Madden joined Kedco in May 2007 as Finance Director. He has more than two decades of experience in business in the UK and Ireland. Prior to joining Kedco, Gerry operated his own Corporate Finance practice between 1998 and 2007, advising on finance, merger and acquisition activities and business strategy. Before that Gerry worked for 16 years with the international accountants KPMG and was auditor and adviser to listed companies, multinationals and private companies operating in Ireland and internationally.Gerry has acted as Non-Executive Director for a variety of companies in different business sectors in Ireland. Gerry is a Fellow of the Institute of Chartered Accountants in Ireland having qualified as an accountant with KPMG in 1987. Gerry holds a degree in Commerce from University College Cork.
BRENDAN HALPIN, COMPANY SECRETARY & FINANCIAL CONTROLLER
Brendan Halpin joined Kedco in Feb 2006 as Financial Controller and joined the Board as Executive Director in March 2011. He is a Chartered Accountant who qualified with PricewaterhouseCoopers in 1998 before joining Siebel Systems Inc. His current responsibilities include, inter alia, finance management, project management and treasury functions
STEVE DALTON, GROUP COMMERCIAL DIRECTOR
Steve was the previous CEO of Reforce Energy Limited, which was acquired by Kedco plc in Dec 2012. Prior to setting up Reforce he spent c.7 years working for Ulster Bank, a subsidiary of the Royal Bank of Scotland plc with responsibility for energy financing in the Irish market. Throughout this time he led the financing of over 30+ projects in the renewable energy sector with a combined capacity in excess of 550Ws including the Newry Biomass project. He is also co-founder and director of Mexican Renewable Energy Limited, a renewable energy company with over 250MW’s of renewable energy projects under development in Northern Mexico.
EDWARD BARRETT, NON - EXECUTIVE DIRECTOR
Edward Barrett is one of the original founders of Kedco. Edward established International Livestock Genetics Limited, an Irish importer and distributor of bovine genetics based in County Cork and has been Managing Director since 1993. In addition, Edward is a Director of Platinum Asset Management Limited, an investment company specialising in the renewable energy sector.
At 28 December 2012, Kedco plc’s issued Ordinary Share capital comprises 1,118,502,058 Ordinary Shares of €0.01 each
Kedco plc trades on AIM. The company has not applied to or agreed to have any of its securities (including AIM securities) admitted or traded on any other exchange or trading platform. With effect from 3 December 2010 the trading denomination of the company's Ordinary Shares of €0.01 each changed from Euro to Pounds Sterling.
All shares carry voting rights and are free of any restrictions on transferability. No shares are held by the Kedco plc in treasury.
Kedco plc is a public limited company incorporated and registered in Ireland. The rights of shareholders, therefore, may be different from the rights of shareholders in a UK incorporated company.
At 28 December 2012 as far as Kedco is aware approximately 40.78% of the company’s issued share capital is not in public hands as defined in the AIM Rules
At 28 December 2012 Kedco plc is aware of the following significant shareholders.
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