Kedco gets funding for 12 MW biomass plant near London

Ireland-based renewable energy firm Kedco chose U.K. alternative asset manager Foresight Group as financing partner for its 12 MW Enfield biomass project in the London area.

The Enfield project holds full planning and environmental permits to use 60,000 tons of waste timber annually for the generation of up to 12 MW of power and heat. Kedco has also obtained heads of terms from two large feedstock suppliers to get 100 percent of the feedstock needed for the CHP plant. It has also inked a transmission grid connection agreement with U.K. Power Networks, it said in March.

The parties have sealed a non-binding heads of terms, under which Foresight will provide debt and equity to fund completion of the combined heat and power (CHP) project. The heads of terms is pending due diligence and clearance from a final investment committee.

Kedco said that one more co-investor would also need to take part in the financing scheme, along with Foresight, which will partly finance the development through existing funds under management. Kedco will retain a equity participation in the biomass CHP project.

In addition, the developer said it had agreed with Fichtner Consulting Engineers Ltd to be technical adviser to its project, as well as manage the tender for engineering, procurement and construction (EPC). The tender procedures for signing an EPC deal have already begun and Kedco is currently negotiating with contractors.

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