January 3 (Renewables Now) - Finnish utility Helen Ltd on Thursday said it had received energy aid in the amount of EUR 7.9 million (USD 8.7m) from the ministry of economic affairs and employment for its biorefinery project.
The City Refinery project is developed by Helen in a joint venture with electric services company Lassila & Tikanoja (HEL:LAT1V) and VTT Technical Research Centre of Finland. The biorefinery, which will have a capacity of 5 MW in its demo phase, will use biomass residues from forestry and agriculture as well as various difficult to recycle materials in order to produce raw materials for use as renewable transportation fuels or by the chemicals industry. Heat produced as a by-product will be fed into the district heating network.
The joint venture partners are now looking for more interested parties to join the project, planned for Vuosaari.
"We are delighted that Helen has been granted aid for investing in the City Refinery. This will give a strong social signal that these kinds of circular economy projects are needed and that we are on the right path," said Maiju Westergren, Helen's vice president for sustainability and public affairs. Investment decision on the project is expected by the end of the year, she added.
(EUR 1.0 = USD 1.100)