Viking wind farm future financing
SSE Renewables and Viking Energy Shetland (VES) have agreed that SSE will provide all the future financing required by their partnership, Viking Energy Wind Farm (VEWF LLP), to deliver the Viking wind farm in Shetland. To date, VEWF has been funded 50:50 by SSE and VES. VES will benefit from a preferred return on its investment to date if the wind farm is built.
The agreement between the partners comes as the 103-turbine wind farm enters the final stages of preparing for the forthcoming CfD auction process this summer. The Viking project, if built, will contribute to the Scottish Government's ambitions for 50% of new wind farms to have shared ownership.
Viking wind farm is a pivotal project in SSE Renewables' onshore wind portfolio. With access to the CfD auction process for remote island wind projects, it is well placed to deliver a significant contribution to Scotland's decarbonisation targets and provide security of supply for Shetland through underpinning a new transmission link. The project will also bring vital socio-economic benefits to the islands.