Atlantis Resources Limited First Debt Drawdown for MeyGen Project Financing (2493A)
December 19 2014 - 2:00AM
UK Regulatory
TIDMARL
RNS Number : 2493A
Atlantis Resources Limited
19 December 2014
19th December 2014
ATLANTIS RESOURCES LIMITED
("Atlantis" or the "Company")
First Debt Drawdown for MeyGen Project Financing Package - Phase
1A
Atlantis, majority owner of the world's largest planned tidal
stream energy project, MeyGen, announces that its flagship project
has achieved another significant funding milestone, successfully
completing all conditions required to initiate its first drawdown
from its senior project finance providers, The Crown Estate and
Scottish Enterprise through the Renewable Energy Investment
Fund.
The major construction and supply contractors to this iconic
project have commenced design, engineering and procurement works in
readiness for commencement of onshore construction at the project
site in Caithness in January 2015.
-- The equity investments in the project by Scottish Enterprise
(through the Renewable Energy Investment Fund) and Atlantis value
the MeyGen project on a post-money equity basis at over GBP70
million
-- Onshore construction at the Ness of Quoys project site is
expected to commence in January 2015, with ABB due to start
construction of the onshore infrastructure for connection to the
electricity transmission grid for power export
-- First power to the grid and revenues earned expected to be in H1 2016
-- We believe MeyGen is the largest planned tidal energy project
in the world with a capacity of almost 400MW
-- When fully completed, the project will include 269 turbines
submerged on the seabed, generating enough power for almost 175,000
homes in Scotland.
The Company notes the recent material decline in its share price
yesterday and knows of no trading or operational reason to warrant
this change, particularly given the progress with the business and
the continued expectation of delivering on milestones outlined
above.
For further information please contact:
Atlantis Resources Limited via FTI Consulting
Tim Cornelius, Chief Executive Officer
Duncan Black, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and
Broker) +44 (0) 20 7418 8900
Daniel Harris / Jock Maxwell MacDonald
FTI Consulting +44 (0) 20 3727 1000
Ben Brewerton / Alex Beagley / Stephanie
Blott / James Styles
This information is provided by RNS
The company news service from the London Stock Exchange
END
MSCDGBDDRXBBGSI
Atlantis (LSE:ARL)
Historical Stock Chart
From Mar 2024 to Apr 2024
Atlantis (LSE:ARL)
Historical Stock Chart
From Apr 2023 to Apr 2024