Helius Energy received the approval from British banks Lloyds and Royal Bank of Scotland for the financing of the project, which is expected to create 100 jobs.

Lloyds Banking and Royal Bank will provide up to 75% of the total funding requirement for the construction and commissioning of CoRDe’s biomass power project at Rothes, Morayshire.

The project is anticipated to deliver up to 7.2MW baseload renewable electricity capacity exported to the local network.

Helius has begun the pre-construction engineering works with Aalborg Energie Technik, a company that specializes in the construction of biomass energy facilities.

The on-site works are expected to begin in the spring and the project is expected to enter into commercial operation in the second quarter of 2013.

The approval is subject to certain conditions, including the completion of final due diligence and other documentary requirements, the company said.