A £74 million biomass Combined Heat and Power (CHP) project involving John Laing and the UK Green Investment Bank will create 123 construction jobs and power more than 20,000 homes in Speyside, Scotland.

The project will also provide heat — in the form of steam — for the Macallan distillery, one of the world’s best known whisky distilleries.

The CHP plant near Craigellachie, Moray, will generate 87.4GWh per annum of renewable electricity and 76.8GWh per annum of renewable heat. The resulting carbon saving will be the equivalent of taking 18,000 cars off the road.

UK Business Secretary Vince Cable said: “With £3.8 billion of funding, the UK Green Investment Bank has been set up to help businesses make the transition to a green economy.

"This investment in Speyside will not only help secure jobs, boost a vital industry and support the local supply chain, but also generate renewable energy for homes in Scotland.”