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Atlantis Resources Agrees Funding Package For MeyGen Project

Thu, 21st Aug 2014 17:14

LONDON (Alliance News) - Atlantis Resources Ltd Thursday said it has agreed the terms of a funding package worth more than GBP50 million, for the first stage of its tidal stream energy project, MeyGen.

MeyGen, which is 100%-owned by Atlantis, is in the Pentland Firth in Scotland. The project is currently on track for construction to start later this year, with the first power expected to be generated in the first half of 2016. The project has a planned capacity of 398 megawatts.

Atlantis said the GBP50 million project funding package comprises equity, debt and grant. The equity investment is by Scottish Enterprise via the Renewable Energy Investment Fund, and values the MeyGen Project at GBP51 million.

It said the first stage, Phase 1A, of the project will include the installation of four 1.5 megawatt turbines offshore, as well as the construction of all onshore infrastructure to support the project.

When fully completed, the project will include 269 turbines submerged on the seabed, generating enough power for almost 200,000 homes in Scotland. The first phase of the project, which is 61 turbines with a total of 86 megawatts, is expected to provide enough electricity for 42,000 homes in Scotland.

Atlantis Resources shares closed 0.6% higher Thursday at 44.24 pence.

By Rowena Harris-Doughty; rowenaharrisdoughty@alliancenews.com; @rharrisdoughty