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Helius Energy reveals positive and negative end to 2012

Biomass project developer Helius Energy operating losses rose to £11.6 million (€13.4 million) by the end of September 2012.

Revenues increased from £148,308 to £309,713 but the losses rose by £757,448 when compared year-on-year. The company points to an impairment of £8.8 million after it was notified by RWE Innogy that it wished to revert to the original earn-out provisions of the 2008 sale and purchase agreement in respect to a project in Stallingborough, UK.

However some good news comes in the form of its 7.2MW Helius Corde project at Rothes. Helius claims it is ‘largely complete and is currently being commissioned with commercial handover expected for Q2 2013’.

The company is pressing also said to be pressing towards a financial close on its 100MW Avonmouth project and continues to work with a number of banks with a view to securing project financing.

‘We have made a lot of progress in 2012 in continuing with our development programme and we now have projects set for commercial handover, financial close and submission of application for planning all in the first half of this year,’ says Helius chairman John Seed. ‘We remain well positioned to deliver Avonmouth and a project in Southampton.'