Viking and SIC agree £40m financial bond
A £40 million bond has been agreed between the SIC and Viking Energy for the decommissioning of the 103-turbine windfarm.
The bond - originally due to be in place before construction on the windfarm began - was signed last week between the two parties and Santander, according to redacted documents seen by The Shetland Times.
It is a safeguard in case of any potential complications during the windfarm’s 25-year lifespan, to ensure cash is in place to properly decommission the site.
SIC development manager John Holden confirmed today in a letter to SSE that the planning conditions had been met.
The Shetland Times reported last week that an announcement was "imminent".
Council chief executive Maggie Sandison said she was pleased that the bond was now in place.
She said the fee was "at a much higher value than was originally proposed at the outset of the project."
Anti-windfarm campaigners have continually criticised both the SIC and Viking for not having the letter of credit in place before work started on the windfarm.
Save Shetland’s Ernie Ramaker blasted both last week, accusing them of having a “blatant disregard for the community”.
He said councillors had “a duty to represent the community” and that the people of Shetland “have been badly let down in this matter”.
The SIC and Viking have been approached for comment.