11th Aug 2014 10:17
LONDON (Alliance News) - Atlantis Resources Ltd Monday said it will sign a contract with power and automation technology group ABB Ltd under which the latter will provide onshore infrastructure works and electrical equipment for Phase 1 of the MeyGen tidal current energy project.
MeyGen, which is 100%-owned by Atlantis, is based in the Pentland Firth in Scotland.
Atlantis said it is working with all financing and contracting parties towards reaching financial close on the first phase of the project, which it expects to complete soon.
The project is currently on track for construction to start this year, with the first power expected to be generated in early 2016.
Atlantis said in July that the MeyGen project will be eligible to receive funding through the UK Government's Renewables Obligation and Feed-in Tariff Contract for Difference.
Atlantis Resources shares were up 0.4% to 42.67 pence on Monday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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