Kedco energy project delayed

KEDCO — the Cork- based alternative energy company — has said that financing constraints mean its planned gas energy generation project in Newry is unlikely to get under way before the second half of this year, but it is hoped further investment will be forthcoming for the project.

The AIM-listed company announced, in December, that it had signed a joint venture agreement on a £15 million, four megawatt electricity-generating “gasification” plant in Newry, with £5m of the financing coming from Kedco and the rest from bank debt.

However, Kedco has now said that it has been unable to secure finance “on suitable terms”, to date and has incurred “significant costs” relating to the project.