The firm has signed a purchase agreement for a long leasehold interest on a 6 ha site in the town of Acharn, where the plant will be built.
Total investment in the planned 6 MWe facility will amount to around £30 million, the firm said, with commissioning expected in 2017.
The plant will be fuelled with locally-sourced virgin biomass which will be chipped and dried on-site. Its power will be sold to a biomass management facility and its heat to local users.
The company said it is in advanced discussions with capital partners on co-financing options for the construction costs, adding that the main construction and maintenance contracts are ‘also well advanced’.