UK Green Bank Funding for Biomass Boile.
By Anne Lewis-Schneide.
Tomatin Distillery near Inverness, Scotland is set to erect a biomass boiler which will be fuelled by Balcas’ sustainably sourced wood pellets, reducing carbon emissions by more than 96,500 tonnes in comparison with their old oil-fuelled boiler. The new steam boiler will also reduce electricity consumption costs for Tomatin Distillery, which produces whiskey.
The UK Green Investment Bank is a cornerstone investor in Equitix-managed Energy Saving Investments, which will provide £576,733 in financing, half the amount required for the biomass boiler. The remaining £600,274 is being supplied by Equitix Energy Efficiency Fund, in partnership with Balcas, a UK manufacturer of wood pellet biomass fuel.
UK Green Investment Bank CEO, Shaun Kingsbury, has announced their first Scottish investment, of which they are very proud. The project is set to boost local economy and will also mean a significant reduction in emissions. He has voiced the hope that the bank would be making further investments in Scottish distilleries, as well as other projects in the near future.
Energy Saving Investments fund makes up a sizable portion of Green Investment Bank’s allocation for energy efficiency which is one of its priorities. Green Investment Bank awarded the fund mandate to invest £50m to Equitix, which was to be matched by private investors, in order to boost the small scale low carbon infrastructure that require funding under £30m. Investments into energy efficiency have also been made possible by Equitix’s Energy Efficiency Fund.
Scotland’s Secretary Of State Michael Moore said that this deal shows that the Scottish and London teams combined can bring great benefits for business and local communities throughout Scotland. Scotland’s vast potential in green energy, with the support of UK Green Investment Bank, will ensure Scotland’s place at the core of UK’s low carbon industry economy.
Secretary of State for Business, Innovation and Skills, Vince Cable commented that with the funding of the Tomatin Distillery biomass boiler, the whiskey distiller would be high technology energy efficient and that it would bring security to local jobs and support to the local supply chain. He said that in spite of the tough international climate, whiskey exports have been good, and that the industry should be lauded for what it has achieved to date. Vince Cable said that he wanted the success to move forward, ensuring wealth creation and economic rebalancing outside of the south-east of England.
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