29th Jul 2014 09:54
LONDON (Alliance News) - Atlantis Resources PLC Tuesday welcomed the confirmation that its MeyGen tidal energy project in Scotland will be eligible to receive funding via the UK Government's Renewables Obligation and Feed-in Tariff Contract for Difference.
Atlantis' comments come after the Department of Energy and Climate Change outlined the budgetary requirements for renewable energy projects which will be eligible to apply for financial support through the two schemes during the first Delivery Plan period of between 2014-15 and 2017-18.
The DECC document confirmed that the government will provide a minimum level of support for 100 Megawatts of capacity via wave and tidal stream projects applying for support via the mechanisms during the period.
MeyGen is 100%-owned by Atlantis.
"These technologies have the potential to make a significant contribution to our decarbonisation targets and our energy security post-2020 but are in a particularly unique position," Atlantis said in a statement.
The company added that "the Government believes that wave and tidal stream technologies are the only technologies that warrant a minimum in this Delivery Plan period."
Atlantis Resources shares were untraded at 55.5 pence on Tuesday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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