Kedco's wholly owned subsidiary Reforce Energy has raised €215,000 in loan notes from private investors to fund development costs and equity related to single wind turbine projects.
The company has also reached financial close with Allied Irish Bank for the funding of 800kw Pluckanes Windfarm project.
Set to export electricity to the national grid by the end of September 2013, the project’s construction work on the site is advanced with the majority of civil works completed and delivery of the wind turbine and ancillary equipment due in the next two weeks
Ulster Bank Ireland is offering working capital and other facilities totaling £750,000 to satisfy working capital needs and the continued build out of the Newry Biomass project based in Newry, Northern Ireland.
Kedco CEO Gerry Madden said, "The Company will continue to focus on securing additional funding to enable it to deliver on its planned development programme and overall strategy."
A rolling, monthly working capital facility with Farmer Business Developments is signed by the company to meet its ongoing working capital requirements.
With no maturity date and repayable on demand, the facility is unsecured, any drawdowns will accrue interest at a rate of 5% per annum and is capped at €500,000 with possibility to increase.