Renewable energy group Kedco (LON:KED) has signed a co-development agreement for three wind farm projects in the North West of Ireland, with a total potential capacity of up to 30 megawatts (MW).
Under the deal, which was signed by recent acquisition Reforce, Kedco will fund all associated pre-construction development costs related to the projects in return for 50% of each project.
Planning submission for each project will be submitted by the end of 2013 under the terms of the agreement.
Gerry Madden, Kedco’s chief executive said: “Ireland has one of the best wind resources in Europe making it a very attractive location for the development of wind energy projects and there is the exciting prospect of a potential export market for this renewable energy to the UK.”
"The addition of the three projects complements Kedco's existing pipeline and the company is currently considering similar opportunities which will further establish a balanced portfolio of projects across various renewable technologies."
Kedco completed the acquisition of Reforce last month as part of a strategy to build a pipeline of at least 300MW of renewable energy.
Last week, the company announced a 25MW Londonderry biomass project and 4MW extension to a project Newry Project and together with today’s deal it had 125MW of projects currently in progress.