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Helius Energy JV receives project finance deal

Helius Corde, the joint venture of biomass energy development company Helius Energy and The Combination of Rothes Distillers has received conformation of credit approval from both Lloyds Banking Group and the Royal Bank of Scotland for a non-resource project finance credit facility.

Under the approval, the two banks will provide up to 75% of the total funding requirement for the construction and commissioning of Corde's biomass power project at Rothes, Morayshire in Scotland.

The approval is subject to certain conditions, including the completion of final due diligence and other documentary requirements.

Upon completion the facility will generate up to 7.2MW baseload renewable electricity capacity exported to the local network; will reduce greenhouse gas emissions by up to 46,000 tonnes a year, compared to UK coal-fired stations; and create up to 100 jobs during construction and 20 during the operation of the plant.

Helius has commenced pre-construction engineering works with Aalborg Energie Technik A/S, a company that specialises in the construction of biomass energy facilities. On-site works are expected to commence later this year and the project is expected to enter into commercial operation in the second quarter of 2013.

Adrian Bowles, CEO of Helius Energy, says: 'The project represents a significant step forward for Helius and its distillery partners. We all look forward to getting this project constructed and into commercial operation at the earliest opportunity.'