Construction of a major biomass power plant in Scotland can now go ahead after multi-million pound financing was secured.
Helius Energy managed to get £60.5 million in funding from Lloyds TSB and the Royal Bank of Scotland, which will provide a non-recourse senior debt facility of approximately 70 per cent.
Construction work on the site will now start within the next 12 weeks, with completion scheduled for the third quarter of 2012.
Once finished, the facility will take waste from the local brewing industry to create renewable energy, turning the remains into animal protein supplements.
Erik van de Brake, head of Rabo Project Equity which has a stake in the plant, said: "We are proud we can contribute to the realisation of this innovative biomass project.
"This is a great example how we can contribute to increased sustainability in the food and agri business."
Meanwhile, plans for a new biomass plant in Leith are still on hold, as the local council considers objections from residents.
Typical Guttridge equipment used in the biomass industry includes:
Conveyors – screw conveyors – chain conveyors – belt conveyors
