15th Nov 2016 10:02
LONDON (Alliance News) - Tidal power company Atlantis Resources Ltd said Tuesday the first power has been delivered from its majority-owned MeyGen project in Scotland.
Atlantis said the first of four 1.5 megawatt tidal stream turbines for the site in the Pentland Firth was installed last week, and electricity has been exported for the first time. The company said that this is the first step of the first 6MW phase of a project build-out of almost 400MW, with construction of the next 6MW phases to begin next year.
Atlantis is indirect majority owner of the MeyGen project through its 92% shareholding in Tidal Power Scotland Ltd, which owns 84% of MeyGen Ltd.
"This is the moment we have been working towards since we first identified the MeyGen site back in 2007, and I am immensely proud of and grateful for the remarkable team of people who have contributed to this milestone. I look forward to bringing more news of the project development over the coming weeks and months as we move into the full operational phase," said Tim Cornelius, chief executive officer of Atlantis.
Shares in Atlantis Resources were up 9.4% at 76.40 pence Tuesday.
By Adam Clark; [email protected]
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