Last checked at 29 Jun 2020 07:00
The information contained in this announcement is inside information under the Market Abuse Regulation (EU) No 596 / 2014. The person responsible for arranging the release of this announcement on behalf of SIMEC Atlantis Energy Limited is Tim Cornelius, Chief Executive Officer of SIMEC Atlantis Energy Limited.
29 June 2020
SIMEC ATLANTIS ENERGY LIMITED
("Atlantis", the "Company" or the "Group")
Reporting timetable change and Company update
SIMEC Atlantis Energy Limited, the global developer, owner and operator of sustainable energy projects, is today providing confirmation that the Company's reporting deadline for the publication of its 2019 annual audited accounts has been extended to 30 September 2020 (further to 'Inside Aim: Coronavirus - Temporary measures for publication of annual audited accounts').
The Group expects to announce its 2019 Full Year Results and publish its 2019 Annual Report and Financial Statements between the 7th and 14th August 2020. Announcements regarding the exact timing of the results and the Company's AGM, which will now be held virtually, will be made in due course. The Group's cash and cash equivalents as at 26th June 2020 are £9.4m.
General operational update
As the COVID work restrictions continue to ease country wide, we continue to see minimal disruption to our tidal business. The MeyGen project passed a significant production milestone recently of 30GWh having been exported to the grid. We received confirmation that the Prefecture de la Manche has approved the transfer of the lease to develop a 12MW tidal power project in Raz Blanchard from ENGIE to Normandie Hydroliennes, of which we own 51%. We continue to make good progress with our contractual commitments to deliver turbines, a subsea hub and services to our clients in Japan and Scotland this year.
The Green Highland Renewables ("GHR") Operations & Maintenance business has continued throughout the COVID-19 pandemic period to monitor the hydro schemes from our operations centre in Scotland. Our team of engineers have managed to continue relatively unaffected throughout this period, while maintaining appropriate social distancing measures, and client schemes have remained operational throughout. The three hydro projects which GHR has under construction, and which were suspended in accordance with the initial government guidance, have re-opened and are progressing well in accordance with current government policies. The commissioning timescales for these projects remain in line with expectations.
The Uskmouth Power Station combustion system design contract, which was awarded to Mitsubishi Hitachi Power Systems Europe GmbH in October 2019, is ongoing and remains on-schedule to be completed this summer. Updates were recently provided to the market in relation to the successful completion of fuel burn trials with Mitsubishi Hitachi Power Systems in Japan. The application for the conversion's permit variation for the new fuel was submitted to Natural Resource Wales in December 2019 and the planning public consultation completes on 29 June 2020. In accordance with revised Welsh legislation, this consultation is being held online. Further updates on revised timelines to financial close will be provided to the market when available.
As noted in previous reports, the team of essential engineering, safety and security staff have been maintained to look after all critical infrastructure at the Uskmouth site in readiness for future operation. This includes the 132kV banking station along with the station's 393MW of generating station assets. The Company intends to convert the first two units, comprising 220MW, on a phased basis as part of the planned Conversion project, while the option to convert the third unit remains available at a later stage.
For more information, please contact:
SIMEC Atlantis Energy Limited Sean Parsons, Director of External Affairs
| Tel: +44 (0) 7739832446 |
Investec Bank plc (Nominated Adviser and Sole Broker) Jeremy Ellis Sara Hale Ben Griffiths
| Tel: +44 (0) 20 7597 5970 |
FTI Consulting Ben Brewerton Caroline Cutler Chris Laing | Tel: +44 (0) 20 3727 1000 |
SIMEC Atlantis Energy
SIMEC Atlantis Energy is the global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development. This includes a 77% stake in the world's largest tidal stream power project, MeyGen,100% ownership of the 220MW Uskmouth power station conversion project and 100% ownership of Green Highland Renewables, a leading developer of mini-hydro power projects.
www.simecatlantis.com