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Helius Energy confident of starting Avonmouth construction work

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Helius Energy (LON:HEGY) is confident of starting construction work on the Avonmouth biomass plant in the first half of this year.

Chairman John Seed said that despite uncertainties caused by the government’s reforms to the electricity market, the company has continued to advance towards finalising the financing for the large scale Avonmouth project.

“This project is now at a very advanced stage and I am confident that we are well placed to reach financial close and begin construction of the plant during the first half of 2014," he said in the company’s results statement today.

Helius reported an operating loss of £1.3mln in the twelve months to September 30, down from £11.6mln in the year before.

During the year, Helius completed the development of the 7.2 megawatt Rothes biomass plant, which is now exporting electricity to the grid.

“The start of commercial operation of the CoRDe biomass power plant in Rothes was an important milestone for the Company and one which demonstrates our strategy of delivering projects to financial close and then managing the on-going operation of those projects,” Seed added.

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