An islander has called for a legally binding financial guarantee to ensure taxpayers are not left footing the bill for decommissioning the Mooir Vannin wind farm.
Janet Clarke told a public hearing that large-scale renewables projects are typically managed through special purpose vehicles that “can be sold, restructured or wound up during or after construction”.
“That structure protects investors, but not necessarily the host community,” she said.
Ms Clarke pointed to industry examples where major developers have cancelled or withdrawn from projects and noted that even the applicant’s parent company has recorded significant losses.
“For a community of 85,000 people, a collapse on that scale would be devastating,” she said.
She formally requested that the developer provide a “fully funded, inflation-linked bond to be held and administered by the government” covering all construction, decommissioning and environmental repair costs should the project company fail.
“This is not an obstacle to development,” she said. “It is basic prudence.”
The applicant’s solicitor confirmed a funding statement is being prepared for the first examination deadline, setting out the company’s position on financing construction, operation and decommissioning.