Helius closes in on £40m Scottish plant

Published on Monday 19 April 2010 21:02

HELIUS Energy, the Aim-listed developer of biomass energy plants, is in the process of finalising debt funding and contracts for the construction of a £40 million plant in Moray.

The company, in which Scots entrepreneur Angus MacDonald is the largest shareholder, is working with Scottish distillers on the site in Rothes, which will use waste from whisky production to generate electricity.

Yesterday's update came as the Middlesbrough-based company reported a pre-tax loss of 588,759 for the six months to 31 March, compared with a profit of 18,875 for the same period last year when it received a 553,000 payment as part of the sale agreement covering a generation plant in Stallingborough in Lincolnshire to RWE.

The Rothes plant is a joint venture with the Combination of Rothes Distillers, which is owned by Edrington Group, Chivas Brothers, Glen Grant Distillery, Inver House Distillers, Diageo and Benriach Distillery. The combined heat and power facility will generate 7.2 megawatts of electricity, enough for 9,000 homes.

MacDonald – a Perthshire businessman who founded publishing business eFinancial Group before it was sold for 81m – holds 17 per cent of Helius.