Energy / Charitable trust Viking investment pay-outs to be reported publicly in due course
SHETLAND Charitable Trust has reiterated that the amount of money it receives from its investment in the Viking Energy wind farm will be reported publicly in the future.
The trust has invested £10 million in the SSE development and will receive an annual return based on the wind farm’s output.
A spokesperson, however, was unable to comment on claims on a podcast from Drew Ratter – who was involved in the Viking project in its early days – that the trust stands to make more than £2 million a year from its Viking investment.
Public details of the investment have always been limited given there is confidential commercial information at play.
A charitable trust spokesperson said the organisation’s financial planning does not include “assumptions or expectations” about the level of income from its “preferred annual return” from Viking.
They added that in due course these payment amounts will be published openly in trust papers.
More background on the history of the charitable trust’s investment can be found here.
Its SCT Renewables company holds a 90 per cent investment in Viking Energy Shetland LLP, which in turn holds an interest in the wind farm.
Also involved in the LLP is Viking Wind Ltd, whose directors are also directors of Shetland Aerogenerators – the company which runs the five Burradale turbines on the outskirts of Lerwick.
The trust’s stake is separate to the £2.2 million a year SSE will be giving out in community benefit money.
However there remains some frustration in the community that the funds will be far less than what was originally mooted in the early days of the Viking project, many years ago.
Since forming in 1976 with oil funds, the charitable trust has spent more than £350 million improving community life in Shetland.
It has funded a wide range of charities and voluntary organisations.
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