Scottish biomass plant gets Treasury backing

The UK Government has pledged its support for energy infrastructure investment by announcing it will guarantee bonds of up to £48.5 million for the Speyside Biomass Power project in Moray, Scotland.

The station will supply electricity to power approximately 20,000 homes in addition to the whisky distillery, Macallan. The renowned distillery will take advantage of heat generated by the plant. The saving of carbon from the project is equivalent to removing 18,000 cars from the road. In addition it will create employment opportunities and will support Scotland’s export industries.

Chief Secretary to the Treasury, Rt Hon. Danny Alexander MP said:

“The Speyside guarantee is fantastic news for Scotland’s economic future. It will power thousands of homes with clean energy, and also support the whisky industry, a cornerstone of our economy, which brings in billions for Scotland and employs over 10,000 people.” “Today, over £1 billion of infrastructure projects have now been brought forward as a result of the UK guarantees scheme and £36 billion worth of projects are pre qualified. Our action is creating the right conditions for more investment in our infrastructure and helping to build a stronger economy.”