Helius Energy has teamed up with Rabo Project Equity and the Combination of Rothes Distillers for a joint venture that will see the groups run a combined heat and power plant using distillery by-products.
The plant will generate enough electricity to power 9,000 homes and produce animal feed.
The biomass plant in Rothes, Speyside − believed to be the first of its kind − will generate 7.2MW of electricity and will also produce an animal feed in the form of pot syrup.
Joint venture Helius CoRDe said the plant will become fully operational in 2013.
Scotch Whisky Association chief executive Gavin Hewitt said: “This project underlines the Scotch Whisky industry’s commitment to investing in the future.
“In 2009 the industry made a commitment to reduce its reliance on fossil fuels as a source of energy.
“The project shows how we can create a virtuous circle within the Scotch Whisky production process.”