SHETLAND DEVELOPMENT TRUST BENEFITS FROM FAIR WIND

Shetland Development Trust is now reaping the benefits of its equity investment in renewable energy company Shetland Aerogenerators Ltd, which manages the Burradale Windfarm and its five wind turbines.   

Since the project conception, the Trust has invested £700,000 of equity into Shetland Aerogenerators Ltd and its ambitious infrastructure development making the Trust the largest investor in the company.  The Trust is now receiving a first major dividend of £153,275 from the company.

Interim General Manager of the Shetland Development Trust, Neil McDougall was “pleased to receive the dividend from the company and was impressed that the return on this investment has started being realised so soon.  This clearly represents the success of wind production at the Burradale site which has been harnessed by Shetland Aerogenerators Ltd.” 

Mr David Thomson, a director of Shetland Aerogenerators Ltd said he was “happy to share this news.  This first dividend to the Trust is an important milestone for us.”

Due to the unqualified success of the project, the company now expects to repay all of its investors earlier than initially expected.  The owners believe that Burradale windfarm is the most productive windfarm in the world and Mr Thomson added “our venture has proven to be worthwhile from a commercial point of view and, importantly, shows how Shetland can lead the renewable energy market and bring benefits to our environment. This bodes well for future projects like the council-backed Viking Energy proposal.” 

Notes to Editor

David Thomson, a Director of Shetland Aerogenerators Ltd can be reached on 01595 74 4919 for further information.

Burradale Windfarm

The Burradale site has been considered the most productive windfarm in the world with a long-term average capacity factor of 53% compared to an average of 27% in similar sites across the UK.  In 2005 Burradale achieved 57% over the whole calendar year. The five wind turbines produce around 17 million kilowatt-hours (or domestic units) each year.

Shetland Development Trust investment details

The Shetland Development Trust has £700,000 invested into Shetland Aerogenerators Ltd. 
The Trust took over an equity investment of £400,000, which had initially been made by Shetland Leasing and Property Ltd.  To assist further expansion of the windfarm (from three turbines to its current status of five wind turbines), the Shetland Development Trust invested a further £300,000 of equity into the development in 20