Kedco, a clean energy provider across UK and Ireland, has inked an agreement appointing Foresight as the funding partner for its 12MW Enfield Biomass CHP project located in North London.
As per the agreed terms, Foresight will provide debt and equity facilities, which will be used to partly finance the construction and operation of the Project, while a co-investor will have to invest alongside Foresight funds.
Foresight is expected to source the investment from funds under management including Foresight Environmental Fund, a part of the London Green Fund.
Meanwhile, Kedco, which secured equity in the project, will not have to invest any further funds on the financial closure.
Commenting on the deal, Kedco CEO Gerry Madden said Foresight has been actively involved in the funding of Biomass CHP projects in the UK and is looking forward to working with them to achieve financial close over the next years.
Kedco has appointed Fichtner Consulting Engineers for the Engineering, Procurement and Construction (EPC) services for the Enfield Biomass CHP project.