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Helius Energy 2012 annual report includes project updates

By Erin Voegele | February 27, 2013

U.K.-based Helius Energy has published its annual report for 2012, highlighting progress made on the company’s three biomass power projects. According to the company, construction of Helius CoRDe Ltd.’s 7.2 MW biomass power project at Rothes, Morayshire has progressed on time and within anticipated budget. The facility is substantially complete and being commissioned, with performance tests scheduled to begin in February. The project is expected to be operating commercially by the second quarter of 2013.

Project is also being made at the company’s 100 MW project in Avonmouth. According to Helius, it is continuing to work with a group of banks to finance the project. The company also notes it has been working with a number of equity investors, including a potential cornerstone investor. A fuel strategy for the project has been developed, and contracts are substantially negotiated with suppliers from the U.S., U.K. and E.U. In addition, Helius has received a number of off-take offers. In his report, Chairman John Seed said that the construction on the plant could begin in 2013.

Regarding the proposed 100 MW project in Southampton, the company reported that the initial statutory consultation process is complete. The next steps include preparing and submitting an application for a Development Consent Order from the Infrastructure Planning Directorate.

For 2012, Helius posted a revenue of £310,000 ($470,000), an increase over the £148,000 reported for 2011. A total loss of £10.841 million was reported for the year.