The business behind a plan to build a giant solar farm in Coupar Angus is controlled by a parent company registered in a notorious tax haven, it has emerged.
Developers Vickram Mirchandani and Shuves Mukherji want to build the huge solar farm called Markethill on the edge of the town through firm Coupar Two Limited.
The solar farm could generate enough green electricity to power 15,000 homes – but plans show it could use up almost as much farmland as the size of Coupar Angus itself.
Parent company the New World Trust Corporation currently controls Coupar Two. The New World Trust Corporation is registered in the British Virgin Islands.
UK campaign group Tax Justice Network list the British Virgin Islands as the world’s leading tax haven in its corporate tax haven index.
The index ranks jurisdictions “most complicit in helping multinational corporations underpay corporate income tax”.
Coupar Angus residents struggle to complete research
The Virgin Islands registration also makes it difficult for local residents to research the background of a business.
Andrew and Averil Valentine have lived in the immediate vicinity of Coupar Angus for more than 50 years. They now live in the town itself.
Andrew is a retired former director of Dundee publishing company Valentine and Sons Limited.
There is an ongoing exhibition in the city’s V&A Design Museum dedicated to the company’s famous postcards and greeting cards.
Given the New World Trust Corporation’s offshore registration, Andrew has been unable to look into the company’s financial standing.
He said: “While there is no evidence of anything improper, Coupar Two has an unusual background.
“The record is anything but transparent.”
Why does checking Coupar Two’s books matter?
Solar developers are responsible for restoring the land at the end of each farm’s working life. Residents, therefore, feel they should be able to conduct detailed research into a firm’s finances.
The community are also frustrated that – unlike solar developments in other parts of Tayside – there has yet been no commitment to a community fund.
Funds such as these are often linked to renewable projects and channel profits into local causes.
Vickram Mirchandani was previously Coupar Two’s sole shareholder. That is according to Companies House records.
The records show the New World Trust Corporation took control of at least 75% of the shares in March 2022.
Andrew said: “There are no accounts for Coupar Two. And now the New World Trust Corporation, where there may be accounts, but we cannot reach them.
“The position is far from satisfactory. Particularly because of the lack of proper public consultation.
“This may all be above board but we can’t check that. We should be able to do so.”
Councillors due to make decision in February
Perth and Kinross councillors are due to consider the solar farm application in late February, The Courier understands.
Coupar Angus residents have formed the Save Our Rural Environment group to contest the application.
Many are angry that Coupar Two Limited directors carried out all their public consultation work online. That was due to pandemic-era rules that have now been rescinded.
Developers behind other solar farm developments have carried out much more face-to-face consultation.
We used the email listed on the Markethill public consultation website in an effort to contact Vickram Mirchandani and Shuves Mukherji. We did not receive a reply before deadline.
Text on the site says the pair have 17 years of experience “developing clean energy projects in the UK”. That is mostly in the north of England and South of Scotland.
The website states both are “highly skilled”, “enthusiastic” and “deeply committed to the fight against climate change”.
Conversation