Helius Energy said yesterday it anticipated its £60.5million new biomass processing plant in Moray to be operational by the end of June.
The facility is expected to generate 7.2 megawatts of electricity – enough for about 9,000 homes – and produce organic fertiliser and animal feed for local farmers.
It is being built and financed by Helius CoRDe, a joint venture between the renewable-energy firm, Rabo Project Equity and the Combination of Rothes Distillers (CoRD).
Helius said the plant was now at the commissioning stage and creating about 100 jobs during the construction phase, with a further 20 full-time roles expected when completed.
It also announced plans for a £6.76million fundraising exercise involving a £5.2million share placement, £1.06million open offer of stock and a debt capitalisation worth £500,000 through the issue of some new shares.
Helius said the cash would be used to strengthen its balance sheet and continue with its planned development programme.
Results announced by the firm for the 12 months to September 30, 2012, included pre-tax losses of £10.8million, against profits of £71,764 a year earlier. Operating losses in the latest period were £11.6million, compared with a deficit of £757,448 previously. Revenue grew to £309,713 in 2011-12, from £148,308 the year before.
Chairman John Seed said: “I am delighted to report that construction of the Rothes project has progressed on time and within anticipated budget.”
CoRD – representing the Benriach Distillery Company, Chivas Brothers, Diageo, Edrington Group, Glen Grant Distillery and Inver House Distillers – was formed in 1904 to process the sludge left at the bottom of stills used in whisky distilleries in the Rothes area.