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I'm sure some wind turbines are switched off today but many others are going like gangbusters. Wind is generating 21 GW and meeting 50% of UK grid demand. That's equivalent to 3500 6MW Meygen phase 1 projects operating flat out.

Also, one of the Meygen turbines is not in sea but sat on shore at Nigg. I don't think this is great to see since it means it's costing money rather than generating revenue. I'd like to see a solid track record from the 1.5MW Proteus turbine - high availability, high load factor over several years - before investing in an array of 3MW Proteus turbines.

Thanks Tim, I follow much of your argument though it’s not clear to me how much private equity there is behind Proteus. Have you seen evidence of this?

Thanks @altolusso, good idea.

https://saerenewables.com/wp-content/uploads/2023/12/2023_12_01_SIMECAtlantisEnergy_proposal_final-draft-002.pdf

"We do appreciate that these new extension requests may not be welcome, but since we do not expect to have the

funds needed to repay all debentures on the current maturities in 2024, we are at high risk of going into default

and then into administration."

The proposal to bondholders is to agree to a 5 year extension to their bonds or risk losing their premium. Given that Hobson's choice I'd expect existing bondholders to reluctantly agree to this, but who knows. More concerning is the chilling effect this might have on potential future investment.

Mister_tidal up to a few days ago the bonds could be traded on the Abundance platform. It's not just that there's no-one selling - the listings for these projects have also disappeared from the platform.

marshall2k - thanks for the info. it seems the bondholders know as much as we do, though they learned it a bit earlier which might explain the bump in share price.

oldtramp - great find! Things have changed since this was issued, with further payment deferrals and sale of the turbine division, but this looks like a good summary of the SAE Abundance bonds.

Curious that there's not been an RNS about whatever caused the Abundance bonds to be pulled from the market. This was clearly price-sensitive information given the big jump in share price. Are there any Abundance bondholders reading this who can provide insight into what's going on?

Im also trying to understand how SAE can nearly double the size of their flagship project, at a higher power price, and the share barely moves. how do you explain that?

The RNS says turbine 4 was removed. That's the atlantis ar1500 turbine - see the reports below.

https://rtsys.eu/wp-content/uploads/2020/09/Jasa_Usecase.pdf

https://tethys-engineering.pnnl.gov/sites/default/files/publications/AWTEC2018-367.pdf

other than the wet mate, i'm not sure what upgrades proteus installed on the andritz turbine (t2). but id be very surprised if sae asked proteus to make any significant changes to the andritz pitch system. an andritz turbine has been operating 5 years non stop at meygen. that pitch system works just fine. if it aint broke, why fix it?

Thanks Mr T, i dont think we can complain about the service! i think its unlikely theyd risk removing a turbine just to check the mechanism so i expect its back in nigg but lets see if they say anything.

Good point LG, its possible that turbine was removed and redeployed immediately.

@mister_tidal is your source able to confirm whether the recovered turbine left on the boat?

I agree LG it would make total sense for the longest serving andritz turbine to be the one taken out. But it looks like the ar1500.

Look at this pic ar1500 deployment pic. Bulbous nose; dark blade tips; shape of lifting lines.

https://cdn.offshorewind.biz/wp-content/uploads/sites/6/2022/03/22082008/SIMEC-Atlantis-redeploys-MeyGen-tidal-turbine-768x604.jpg

Now look at the pic taken this week. I think that’s the same turbine.

https://www.reddit.com/r/SimecAtlantisEnergy/comments/14im527/vessel_siem_day_on_25062023_carrying_turbine_4/jprwmcj

Its hard to tell but it looks more like the atlantis turbine to me

Thanks mr T for the fantastic pics. great that the turbine was deployed though its a pity we wont see the array operating at full capacity. can anyone tell which turbine was recovered?

The boat is still on site. they're changing the connector so it will take longer than a standard turbine deployment. if anyone has eyes on the boat then it would be good to know if the turbine is still on board when it leaves the site.

@noisy I reckon thats about right. maybe towards the lower end of that range since power prices only really shot up in the second half of the year. shall we start a sweepstake?

@granny you are describing the CFD. phase 1 was deployed under the RO which has no £ per MWh cap. what meygen gets will depend on details of their power purchase agreement with a supplier, but income per MWh should be about 5 rocs per MWh plus wholesale price. roc price is about £60 per MWh, wholesale has averaged about £300 per MWh last year, so they should get £500-600 per MWh last year. who knows, they might even break even.

Turbine operations at meygen require a notice be posted in advance on the orkney harbours website listing the vessel to be used and where and when the operation will take place. no notice, no op.

https://www.orkneyharbours.com/info/notices

Thanks noisyboy9, sma43 - great find! Looks like the Dec and Jan figures found by sma43 are REGOs not ROCs. 1 REGO per MWh I think. If so the site generated 8704MWh in 2022. 1053MWh in Jan is 31% load factor for the three operating turbines.

thanks noisyboy9 - where do you get the ROC figures from?

... sorry, it's a 6% capacity factor for the Japan turbine. Still quite a lot worse than solar panels (10-20%).

Thanks @downdraft, it sounds like the 500kW turbine generated about 247MWh over a year in Japan, but that's a capacity factor of just 3% which is nothing to shout about.
https://www.offshore-energy.biz/simec-atlantis-powers-down-tidal-kit-in-japan-after-exporting-247mwh-of-clean-energy/

The AR1500 was reinstalled last March. Perhaps we'll get an update soon.