Subsidiary Companies

Shetland Charitable Trust invests in 3 active subsidiary companies: Shetland Leasing and Property Developments Limited, known as SLAP; Shetland Heat Energy and Power Limited, known as SHEAP; and Viking Energy Limited, known as VEL or just Viking Energy.

Solarhus Solarhus SLAP develops and leases properties on a commercial basis. SLAP owns more than 30 properties in Shetland worth around £18 million. SLAP leases them to a mixture of the private sector and the public sector. One of SLAP’s properties is the Bio Solar Office at the North Ness Industrial Estate, in Lerwick (shown right).

SLAP currently has two development projects on site.  DITT is the contractor for a new air traffic control tower and the refurbishment of the terminal buildings at Scatsta airport.  Hunter & Morrisons is the contractor working at the North Ness on a 3000 sq. m. office development.  It is intended that the new offices will be occupied by SIC - Social Services in the spring of 2012.  The most recent Annual Report & Financial Statements for SLAP Developments Limited can be found here. and further information can be found here.

The Shetland Charitable Trust owns the Infrastructure of the Lerwick District Heating Scheme. The Scheme converts heat from the Council’s energy recovery plant (incinerator) into hot water which is piped around most of Lerwick to provide heat and hot water for both commercial and domestic buildings. The Scheme is operated by SHEAP. Although the heat supplied is generally around 30% cheaper than alternatives, SHEAP makes profits which are returned to Shetland Charitable Trust. Those profits are high enough to justify the continuing investment in the Scheme, since April 2002, on a commercial basis. SHEAP recently connected it’s 1000th Customer.  The most recent Annual Report & Financial Statements for SHEAP Ltd can be found here.

Trustees have received regular updates on progress of the Viking Energy project.  An update report to Trustees in June 2010 can be found here.  The most recent Annual Report & Financial statements for VEL can be found here.

A subsequent briefing note to Trustees in October 2010 can be found here.