A Travers Smith team led by corporate partner William Howard has advised existing client Estover Energy in connection with the equity investment by John Laing and UK Green Investment Bank in a new biomass Combined Heat and Power (CHP) plant in Speyside, Scotland which has been developed by Estover.

It is expected that Speyside CHP will generate renewable energy to power more than 20,000 homes and provide renewable heat for the Macallan whisky distillery. Carbon savings from the plant will be equivalent to taking 18,000 cars off the road. The project is expected to create 123 jobs and support one of Scotland’s most important export industries.

Additional funding has been raised from the bond market through the issue of a £48 million UK Government-guaranteed bond, taking the aggregate amount raised for the project to £74 million.

The Travers Smith team included senior tax associate Richard Wild and corporate associate Andrew Gofton-Salmond.