SIMEC Atlantis Energy Limited SAE secures funding from Scottish Enterprise (8416G)
April 01 2022 - 2:00AM
UK Regulatory
TIDMSAE
RNS Number : 8416G
SIMEC Atlantis Energy Limited
01 April 2022
1st April 2022
SIMEC ATLANTIS ENERGY LIMITED
("SAE", the "Company" and, together with its subsidiaries, the
"Group")
SAE secures funding from Scottish Enterprise to get tidal
turbines back in the water
SAE is delighted to announce that MeyGen has secured a
non-convertible loan of GBP2.5m from Scottish Enterprise, which
will enable the redeployment of the remaining two turbines at the
MeyGen site within the next 12 months. This follows the successful
deployment in March 2022 of the AR1500, 1.5MW tidal turbine.
The first of these turbines is scheduled for redeployment in May
2022 and the final turbine will be deployed in March 2023, complete
with a retrofitted wet mate connection system, which more than
halves the costs of future turbine recoveries and deployments.
Demonstrating the viability of the tidal turbines is vital to
the success of MeyGen, the largest planned tidal stream project in
the world. When operational, the turbines have far exceeded
expectations and this funding from Scottish Enterprise will support
deployment and activity to ensure continuation of the project.
SAE CEO, Graham Reid, commented:
"I would like to thank Scottish Enterprise for their continued
support of the business and the MeyGen project. The successes and
challenges we have faced on this project pave the way to establish
a world leading industry in Scotland and bring huge economic and
environmental benefits for Scotland and the UK. Our focus now is in
ensuring our turbines are returned to operation as quickly and
safely as possible."
Scottish Enterprise Director of Growth Investments, Kerry Sharp,
said: "Scotland is rightly known as a world leader in the marine
sector and central to this is MeyGen. Scottish Enterprise has had a
longstanding partnership with the project and we look forward to
developing this further as we support the energy transition and
deliver sustainable economic growth for all of Scotland's
communities."
For more information please contact:
+44 (0) 7739 832
SIMEC Atlantis Energy Limited 446
Sean Parsons, Director of
External Affairs
----------------------
Investec Bank PLC - NOMAD +44 (0) 20 7597
and Joint Broker 5970
----------------------
Jeremy Ellis
Ben Griffiths
----------------------
Arden Partners PLC - Joint
Broker +44 (0) 20 7614 5900
----------------------
Ruari McGirr
Richard Johnson
Simon Johnson
----------------------
Notes to Editors
SIMEC Atlantis Energy
SAE is a global developer, owner and operator of sustainable
energy projects with a diverse portfolio in various stages of
development. This includes a 77 per cent. stake in the world's
largest tidal stream power project, MeyGen, and 100 per cent. of
the 220MW Uskmouth Power Station conversion project.
https://www.simecatlantis.com/
More on the MeyGen Project:
https://simecatlantis.com/projects/meygen/
More on the Uskmouth Project:
https://simecatlantis.com/project-development-operation/simec-uskmouth-power/
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