Helius Energy has awarded contracts for a Scottish biomass CHP project in Scotland that could be up and running in the first half of 2013.
Helius develops and operates biomass-fuelled renewable energy generation plants. Last week, Helius reached financial close on the £60.5m Helius CoRDe project — a 7.2MW biomass CHP project in Rothes, Scotland. Contracts worth more than £44m have been awarded.
Helius will own 50% of the project, Rabobank 44.7% and CoRD 5.3%.The Combination of Rothes Distilleries Limited (CoRD) has been processing the waste of distilleries in Rothes for more than a century.
Electricity generated by the plant will be sold to npower. Associated British Foods will supply Pot Ale Syrup to the project.
The plant will save 46,000 tonnes of CO2 a year.
Broker Ambrian estimates that the CoRDe project has an NPV of around £20m and will generate £6-8m in EBITDA each year.
At 18p a share, Helius is valued at £15.7m.
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