Atlantis Expects Financial Closure of MeyGen Project

Atlantis, a vertically integrated equipment supplier and project owner in the tidal power industry, noted report regarding the Department of Energy & Climate Change’s likely participation in the MeyGen Project.

Atlantis Expects Financial Closure of MeyGen Project

The MeyGen project, which is 100% owned by Atlantis, is located in the Pentland Firth in Scotland and is the largest planned free stream tidal energy project in the world. A 252MW connection has been secured with Scottish Hydroelectric Power Distribution and the National Grid, and all consents have been secured for construction of the 86MW first phase. First power is targeted for 2016 and it is estimated that 42,000 Scottish homes will be powered each year and 122,455 tonnes of CO2 will be offset per annum when the project has been constructed.

The Board of Atlantis continues to work closely with all relevant financing and contracting parties in relation to reaching financial close in relation to the first stage of MeyGen, which is expected shortly.

 

Press Release, July 07, 2014; Image: atlantisresourcesltd

 

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