Kedco offers equity for debt swap

Cork-based renewable energy group Kedco is restructuring its finances in a bid to raise more money from investors to unlock the value in future projects.

Kedco is looking to remove the debt from the company’s balance sheet and have its creditors take an equity stake in the company.

The Kedco group will remove €10.8m in debt from the group, as well as selling its 80% stake in SIA Vudlande, a Latvian saw mill. The decision to sell the Latvian operation is part of the group’s strategy to return to its core business in Ireland and England.