Renewable energy developer React Energy--formerly known as Kedco--receives funding for second phase of its JV Biomass Gasification project in Newry, Northern Ireland; second phase will bring plant to full capacity of 4 MW
January 27, 2014
– REACT Energy plc (AIM:REAC), the energy infrastructure developer and operator which focuses on the production of clean energy in the UK and Ireland, is pleased to announce that it has received approval from Ulster Bank Ireland Limited for the funding of Phase Two of its joint venture Biomass Gasification project located in Newry, Northern Ireland.
Drawdown of funds can commence once certain conditions are satisfied including the finalising and signing of the various contracts required for the installation of Phase Two of the Project and, if required, the investment of additional equity funding in the joint venture company.
The Company has invested significant time and resources over a twelve month period in testing and optimising the performance of the 2MW Phase One of the Project. Having completed this work the Company is delighted to receive the approval and support of Ulster Bank to continue the build out of the project to its full capacity of 4MW.
The Company will now begin discussions with the various project parties with a view to concluding the installation contracts for Phase Two as soon as possible. In conjunction with this, an operational plan for Phase One of the project is being put in place to facilitate the installation of Phase Two. This plan will include the team continuing to build up and maximise the operational hours of the existing plant throughout the installation period.
Gerry Madden, CEO of REACT Energy, commented: “The Company is pleased to be moving forward to Phase Two of the Newry Biomass project together with the support of its key funder Ulster Bank.”
Group is an energy infrastructure portfolio developer and operator whose business strategy is to identify, develop, build, own and operate electricity and heat generation plants in the UK and Ireland using clean technologies.
The Group possesses significant knowledge of energy markets, clean technologies, fuel sources, project development, project finance and project delivery.
REACT Energy plc is listed on the AIM market of the London Stock Exchange (AIM:REAC).
Industry Intelligence Editor’s Note: According to React Energy’s website, the company was formerly known as Kedco Pl.