Cork-based Kedco has signed a “head of terms” with Londonderry Port and Harbour Commissioners to develop a new biomass electricity and heat generating plant at the port.
The London AIM-listed company currently operates a 4MW biomass plant in Newry and the Altilow wind project in Donegal.
Kedco has agreed an option to lease 10 acres in the Derry port where it proposes to develop a 25MW plant. The earmarked site is in the same vicinity as ESB’s 400 MW Coolkeeragh gas-fired power plant and another biomass project that has received planning permission.
Kedco’s share price climbed yesterday by 12.5 per cent.
The Cork company expects to sign a binding option with the port before the end of March. Chief executive Gerry Madden said Kedco would double its Newry capacity to 8MW following a number of approaches from local businesses.
