Helius Energy PLC (AIM: HEGY) said it is forming a joint venture with The Combination of Rothes Distillers (CoRD) in Speyside, North Scotland, to create a £50 million biomass combined heat and power plant fuelled by distillery by-products.
The venture, called Helius CoRDe, will use whisky distillery by-products to fuel a 7.2 MWe GreenSwitch modular biomass power station and operate a facility using the GreenFields process to turn the liquid co-product of whisky production, known as Pot Ale, into a concentrated organic fertiliser and an animal feed for use by local farmers.
Helius CoRDe builds on the ongoing cooperation between the company and CoRD. It will create a dedicated company which will be responsible for the financing, construction and operation of the new plant.
Helius expects engineering procurement and construction contracts to be awarded shortly, allowing construction to begin in early 2010, with around two years for construction and building, which is likely to generate between 20 and 100 jobs.
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