LONDON (ShareCast) - Kedco, a renewable energy portfolio developer, has entered into a rolling-monthly working capital facility with major shareholder Farmer Business Developments.

The €0.5m facility, which is to be used by the company to meet ongoing working capital needs, has no maturity date and is repayable on demand.

The group also announced that its wholly owned subsidiary, Reforce Energy, has raised €0.215m in loan notes from private investors. The proceeds will be used to fund development costs and equity related to single wind turbine projects.

The company has reached financial close with Allied Irish Bank for the funding of the 800kw Pluckanes Windfarm project, where construction work is well advanced, with the wind turbine and ancillary equipment due in the next two weeks. The project remained on track to export electricity to the national grid by the end of September 2013, Kedco said.

The group also unveiled news that Ulster Bank Ireland has agreed to offer facilities totalling £0.75m to be used to fund the working capital needs and the continued build out of the Newry Biomass biomass project located in Northern Ireland.

Chief Executive Officer, Gerry Madden, said: "We are pleased to have secured additional support from new and existing investors. The company will continue to focus on securing additional funding to enable it to deliver on its planned development programme and overall strategy.

"We are delighted with progress on the Pluckanes Wind Farm project, it remains on time and on budget and it will be the company's first wind turbine in operation once energised. It is our intention to bring a number of our other single wind turbine projects with planning permission into construction over the next six to 12 months and work continues to achieve this target.

"We also continue to make good progress on the Enfield Biomass project and look forward to updating shareholders in the near future."

NR

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