Shetland windfarm - Viking Energy

[MuckleJoannie]

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The financial benefit to Shetland is 10% to Shetland Aerogenerators shareholders, a similar amount to three of four large land owners, a few jobs, with the rest going to charitable trust to squander on New mareels etc. Sorry going off track there!!

 

The Shetland Aerogenerator shareholders have 10% of the existing shares. The last set of Viking Energy accounts show that £1,000 of shares are issued and fully paid up. If the time comes that more shares are issued they will need to put up more money before they are entitled to share in any more profits. Nobody has said that they will be offered any more shares, and judging by opinion on this thread there would be an outcry if they did.

[paulb]

[quote name="MuckleJoannie

The Shetland Aerogenerator shareholders have 10% of the existing shares. The last set of Viking Energy accounts show that £1' date='000 of shares are issued and fully paid up. If the time comes that more shares are issued they will need to put up more money before they are entitled to share in any more profits. Nobody has said that they will be offered any more shares, and judging by opinion on this thread there would be an outcry if they did.[/quote]

 

My maths seem to be up the spout if the shetland aerogenerators have 10% for £1000. Why have we just paid £2.5 million. the trust is investing 250 times the share value for what. What money have the power company invested. Who gets what in the long run. At the moment the trust seems to be taking all the risk but they are not going to be getting the whole benefit.

[ArabiaTerra]

^^^^ Perhaps, paulb, you could point out where it is stated that 2.5 million is the total cost so far? Is it not just 40% of the total cost, with the other 60% split between SSE and Shetland Aerogenerators?

 

Of course, if you know different, then I would be glad to see some corroboration of this claim.

[paulb]

If the viking energy folks have spent £6.25 million then they seem rather reckless with there spending. Maybe you could ask the 10% share owners have they invested £625000 i somehow doubt it. I really cant see any comercial concern willing to invest large amounts of money into something that has not passed the planning stage.

[Carlos]

If you don't invest enough money to do the design and environmental impact you can be sure it'll not get past the planning stage.

[paulb]

True but is the investment balanced equally from all share holders. have VE published accounts for the last year.

[Colin]

If the time comes that more shares are issued they will need to put up more money before they are entitled to share in any more profits.

 

And the same applies to the SIC 40% holding.

[MuckleJoannie]

The papers for the Charitable Trust meeting on 19 February 2009 are available here

The report on the draw down of funds begins on page 3 and goes on for 36 pages. This probably will tell you everything you need to know about Viking Energy.

 

On page 33 there is a diagram showing how it is planned to finance the project up to the planning stage. A body will be created called Viking Energy Partnership, The Charitable Trust will put £3million into Viking Energy and the minority shareholders £300,000. This will be their share of the partnership. SSE would match this £3.3million in the partnership.

have VE published accounts for the last year.

 

Yes they have. The last accounts are made up to 30 September 2007

 

Page 12 of the Charitable Trust document states that the company is in a dormant pre trading phase. I downloaded the most recent accounts from

 

Companies House and they confirm this

[sjeunson]

Any pointers to pages which have actual useful information on them? Not sure if my sanity would survive reading 85 pages of this to find the nuggets of information.

[sjeunson]

The Whitelee wind farm just out side of Glasgow is 322MW and will be completed this year and ScottishPower is already looking to expand it to 605MW.

 

For those talking about visual impact I cycled past these turbines yesterday (random burst of "must get fit" disease ) and they're really not that bad. Obviously that's only my opinion but when you're replacing a view of essentially nothing (Eaglesham Moor isn't all that "pretty") to a view of nothing + windspiels I'd go with the later.

 

Issues of flicker and noise are different of course but the actual sight of these things I find perfectly acceptable.

[MuckleJoannie]

The Planning Board on Wednesday 22 April will consider a report on Landscape Sensitivity and Capacity Study for Wind Farm Development on the Shetland Islands. You can read it here.

 

6 Conclusion

6.1 A landscape sensitivity and capacity study prepared by external

landscape specialists has been prepared and will assist the Planning

Service to assess the impact of wind farm developments. The

information in the study has been used to inform the preparation

process for the draft Wind Farm Interim Planning Policy that will be

presented to the next meeting of the Planning Board.

7 Recommendation

7.1 I recommend that the Planning Board note the contents of this report.

[Marooned in Maywick]

Just as a by the way, the SIC motto comes from Njal's saga...funny how they never mention the second part of it.

 

 

Part 1

"For with law shall our land be built up and settled,

 

 

Part 2

and with lawlessness wasted and spoiled."

[ArabiaTerra]

The Planning Board on Wednesday 22 April will consider a report on Landscape Sensitivity and Capacity Study for Wind Farm Development on the Shetland Islands. You can read it here.

How exactly? I tried the link and just get an empty document with an SIC website border. Is it available as a .pdf or .doc?

[Medziotojas]

Works for me.

[MuckleJoannie]

^

It works ok for me and it is in .doc format. If you can't get it to work try going to the SIC home page and select committee minutes on the right hand menu, then select committee documents - latest meetings and agenda option. You will see a list of meeting with links to the documents.