11th Sep 2014 07:48
LONDON (Alliance News) - Atlantis Resources Ltd Thursday said it has signed a 398 megawatt, 25-year seabed lease with the Crown Estate for its tidal stream energy project in Scotland, MeyGen.
The Crown Estate is an independent commercial business, created by Parliament to ensure a GBP8.1 billion land and property portfolio, including leases in Scotland, are sustainably worked and developed.
Dan Pearson, chief executive of the MeyGen project, said: "This is the culmination of a talented and committed team working alongside stakeholders and governments who are determined to launch a new energy sector within Scotland and the UK."
Ronnie Quinn, head of ocean energy at the Crown Estate, said: "Our commitment to invest in and agree a lease for the Meygen project continues our strategy to explore tidal stream energy on a commercial scale and its potential to help unlock the nation's tidal energy resources over the long-term."
Since securing funding for Phase 1A in August, construction is expected to commence in the fourth quarter of this year with production and revenues expected in the first-half of 2016, Atlantis said.
When fully completed, the MeyGen project will include 269 turbines submerged on the seabed, generating enough power for almost 200,000 homes in Scotland.
Atlantis Resources' shares were up 0.9% to 59.00 pence per share Thursday morning.
By Joshua Warner; [email protected]; @JoshAlliance
Copyright 2014 Alliance News Limited. All Rights Reserved.
Related Shares:
ARL.L