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Helius biomass plant receives funding boost

Biomass energy generating company Helius Energy has been finalising commercial arrangements for funding its 100MW Avonmouth project.

Alongside working with a club of banks, Helius say negotiations are underway with a shortlist of equity partners for the provision of the equity required to build the plant, with project documentation and due diligence apparently at an advanced stage.

Helius adds that in order to provide greater negotiating flexibilty in respect of the timing of the Avonmouth project, and to provide additional working capital, the company has entered into a £1m unsecured facility with non-executive director and major shareholder Angus MacDonald.

The proposed Avonmouth plant will be based near Bristol, UK and will aim to provide up to 100MW of renewable, low carbon electricity. It is believed the project will cost around £300m ($487.2 million) and create approximately 450 full time jobs during the construction phase.

‘We have shown an ability to develop and manage the construction of biomass projects to budget and timetable,’ says Helius CEO Adrian Bowles. ‘We are entering the last stages of the process to fund Avonmouth and the financing facility signals to our partners, and the wider community, that our stakeholders are prepared to support us in bringing the project to construction.’

The construction of Helius’ Corde project in Rothes, Scotland, is also believed to be on time and within budget as it looks to begin generating 7.2MW of CHP in the first half of 2013.