Member Article

Banking boost for Helius

BIOMASS firm Helius Energy, which started life on Teesside before moving to London in search of new investment, has received a major financial boost.

Helius Corde, the joint venture Helius runs alongside a group called The Combination of Rothes Distillers, has received confirmation of credit approval from 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 needed to develop 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, while reducing greenhouse gas emissions by up to 46,000 tonnes a year.

Helius, which was founded in Middlesbrough before shifting its headquarters to London in 2009 to attract extra investment, saw its pre-tax losses increase to £6.2m in the year to the end of September 2010.

This was posted in Bdaily's Members' News section by Ruth Mitchell .