Helius Energy said yesterday it was on track to start operations at its biomass processing plant at Rothes next year.
The renewable energy firm said the development, the result of a Helius joint venture with the Combination of Rothes Distillers (CoRDe) group, was on budget and on schedule to start commissioning in the third quarter of this year.
The company added the £60.5million project, which has created 100 construction jobs and will lead to 20 full-time posts when it is completed, will be ready for commercial operation in the first half of next year.
The plant will use byproducts from distilleries to generate electricity, produce animal feed and cut carbon emissions.
It will provide 7.2MW of power – enough to heat and light 9,000 homes – most of which will be exported to the National Grid.
Helius said yesterday it had finalised the £42.5million debt financing package for the CoRDe project and secured £9.3million of equity funding.
The Aim-listed company also published its annual results for the year to September 30 yesterday, which revealed the firm had moved into the black.
Helius recorded revenue of £148,308 in the latest period, compared with nothing in the previous period. Pre-tax profits were £71,764, compared with losses of £6.2million in the previous 12 months.
The company also narrowed its operating losses to £757,448 from £7.4million.
Helius chairman John Seed – who took on the role in July last year after a boardroom shake-up which aimed to cut the payroll – said the company was well-positioned to build on its success.
He said: “Biomass generation provides baseload power and has a substantial role in the UK’s future energy mix, and we have the expertise and flexibility to deliver these much-needed projects.
“Our strategy remains focused on delivering our projects to financial closure and managing their implementation and operation.”