Atlantis, majority owner of the tidal stream energy project MeyGen, has announced that its flagship project has achieved another significant funding milestone, successfully completing all conditions required to initiate its first drawdown from its senior project finance providers, The Crown Estate and Scottish Enterprise through the Renewable Energy Investment Fund.
The major construction and supply contractors to this iconic project have commenced design, engineering and procurement works in readiness for commencement of onshore construction at the project site in Caithness in January 2015.
- The equity investments in the project by Scottish Enterprise (through the Renewable Energy Investment Fund) and Atlantis value the MeyGen project on a post-money equity basis at over £70 million
- Onshore construction at the Ness of Quoys project site is expected to commence in January 2015, with ABB due to start construction of the onshore infrastructure for connection to the electricity transmission grid for power export
- First power to the grid and revenues earned expected to be in H1 2016
- The company believes MeyGen is the largest planned tidal energy project in the world with a capacity of almost 400MW
- When fully completed, the project will include 269 turbines submerged on the seabed, generating enough power for almost 175,000 homes in Scotland.
The Company notes the recent material decline in its share price yesterday and knows of no trading or operational reason to warrant this change, particularly given the progress with the business and the continued expectation of delivering on milestones outlined above.
Press release; Image: Atlantis Resources