18th Sep 2014 08:46
LONDON (Alliance News) - Atlantis Resources Ltd Thursday said it has reached financial close on phase 1A of the MeyGen tidal power project, with the funds to be released to suppliers and contractors to allow construction to start.
A total of GBP51.3 million in funding has been provided for the project, from the UK Department of Energy and Climate Change, Scottish Enterprise, Highlands and Islands Enterprise, the Crown Estate and Atlantis, the company said.
The first stage of the project will comprise installing four 1.5 megawatt turbines offshore, along with the construction of onshore infrastructure to support the project. Three of the turbines are being provided by Andritz Hydro Hammerfest, a unit of Austrian industrial group Andritz AG, with one supplied by Atlantis and designed by Lockheed Martin.
Construction of the project, in Caithness in Scotland, is due to start in the fourth quarter of this year, with the first power to the grid and revenue due to start in the first half of 2016. Atlantis said it is the world's largest planned tidal stream energy project.
Atlantis shares were up 4.4% to 56.40 pence on Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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