Kedco Plc, an Irish project developer, raised €1.2m in equity and €1.2m in debt to invest in plants that convert biomass including wood into electricity.
The funds were received mainly from private investors, Donal Buckley, chief executive officer of Cork-based Kedco, said yesterday.
Kedco plans to invest "in the maturation of the advanced projects" in its pipeline, he said.
Kedco in September said it received planning consent for a 12-megawatt plant in London that will burn wood to produce power. The project will cost about £45m (€53m). The company is talking to several banks about borrowing additional funds for other projects.
"We are looking for 60pc-plus on a number of projects," Mr Buckley said. "We are trying to build long-term financing relationships." Biomass heat and electricity could provide as much as 30pc of the UK's target of receiving 15pc of its energy from renewable sources by 2020, says Britain's Energy Department. (Bloomberg)