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UK guarantee for biomass scheme

A biomass energy scheme in Scotland has received a funding boost from the government.

The Treasury pledged to guarantee bonds worth up to £48.5M for the Speyside Biomass Power project in Moray.

The power station will supply electricity to more than 20,000 homes as well as the Macallan whisky distillery.

John Laing and the Green Investment Bank will each invest about £13M in the scheme, which has a total cost of about £75M.

Chief secretary to the Treasury Danny Alexander 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.”

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