The Speyside Combined Heat and Power biomass project was announced as the winner of the European Biomass Deal of the Year Award at the IJGlobal awards dinner on 19 February. Rockfield Energy Partners advised Estover Energy, the developer of the Speyside project, on the structuring and funding of the £74m transaction

• The iconic Macallan distillery will use the heat generated by the plant in the form of steam, a critical component of the distillation process

• John Laing and the UK Green Investment Bank are investing £26m, alongside £48m debt raised from the bond market. The bond is guaranteed by Infrastructure UK, part of HM Treasury

Alan Marshall led the advisory mandate for Rockfield. Alan created and ran a debt strategy for the Speyside biomass CHP project including a selection process for lenders. This culminated in working with Infrastructure UK and Barclays (as bond bookrunner), and managing a complex and largely untested process for renewable projects. He also helped Estover with contractual structuring, provision of financial modelling capability and the equity raising

Aan said: “This was a very interesting process combining equity raising with an untested debt funding structure for greenfield energy projects. The usual complexities around structuring for heat and power together with biomass fuel supply arrangements were only added to by the relatively untested Renewable Heat Incentive.”

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