Of the total funding, around £576,733 will be provided by Equitix managed fund, Energy Saving Investments (ESI), in which GIB has a stake, while the remaining £600,274 will be provided by the Equitix Energy Efficiency Fund.
The investment is being made by ESI in partnership with Balcas, a manufacturer of wood pellet biomass in the country.
Manufactured by Balcas, the proposed boiler unit employs sustainably sourced wood pellet fuel, to produce steam that will be used in whisky production, by reducing 96,500 tons of CO2 emissions over the next 20 years.
The new installation, which will replace the inefficient oil fired boiler, is anticipated to lower 80% of the heat load usually generated by the oil fired boiler.
Green Investment Bank UK chief executive officer Shaun Kingsbury said that the funding being made is the Bank’s first Scottish investment and is expected to boost the local economy.
Scotland State Secretary Michael Moore said, "With the Bank confident that more Scottish investments will be announced in the near future, I am certain that UKGIB will play a hugely important role in realizing Scotland’s enormous green energy potential, ensuring that we are at the center of the UK’s low carbon economy."
