UK-based renewable energy group Kedco has inked an agreement appointing Foresight Group as a funding partner pertaining to12MW Enfield Biomass CHP project in North London.
As per the terms of the agreement, Kedco, which secured equity in the project, is not required to invest any further funds on financial close for the project. In addition, a co-investor will be sought to invest in the project alongside Foresight funds.
Foresight is expected to source the investment from funds under management including Foresight Environmental Fund (FEF) that is a part of the London Green Fund (LGF).
Kedco CEO Gerry Madden said the company is pleased to appoint Foresight as its preferred funding partner for the Enfield Biomass CHP project.
"Foresight has been actively involved in the funding of Biomass CHP projects in the UK and we look forward to working with them to achieve financial close in the near future," added Madden.
Kedco, meanwhile, has scheduled to close financial transaction and commence construction in third quarter 2013.
The company has appointed Fichtner Consulting Engineers for Engineering, Procurement and Construction (EPC) services.