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BNY Mellon Appointed as Trustee and Paying Agent for 48 Million Pounds Sterling Estover Energy Bond

BNY Mellon, a global leader in investment management and investment services, has been appointed trustee and paying agent for Estover Energy's £48m bond for a new Combined Heat and Power (CHP) plant in Speyside, Scotland.

The bond, which is guaranteed by Infrastructure UK, part of HM Treasury, will fund the new biomass plant near Craigellachie, Moray which is to generate enough renewable energy to power more than 20,000 homes. In addition to the £48m bond, John Laing and the UK Green Investment Bank are to invest £26m in the Speyside plant. It is anticipated that the plant will produce 76.8 GWh per annum of renewable heat which equates to 42,000 tonnes of carbon dioxide equivalent a year and that the project will create 123 jobs.

Dean Fletcher, Head of EMEA Corporate Trust at BNY Mellon, said: "Green bonds raise essential capital for pioneering energy projects which make a real difference to the environment, industry and the local economy. We welcome this opportunity to serve this UK government backed venture to boost sustainable energy creation in Scotland. With green bond issuance forecast to reach $100bn in 2015, the industry is realising the potential of large, environmentally friendly infrastructure projects to provide attractive returns in the name of sustainability."

Barclays Bank PLC is the bookrunner and arranger on the bond.