Published 18th of September 2014
ATLANTIS RESOURCES LIMITED
(“Atlantis” or the “Company”)
Atlantis, owner of the world’s largest planned tidal stream energy project, MeyGen Limited (“MeyGen”), is pleased to announce that all conditions have been satisfied under the terms of the funding package announced on 21 August 2014 to enable the drawdown of funding for the project. Financing to fully fund Phase 1A of the MeyGen project has now been fully committed and funds will be released to suppliers and construction contractors to enable the commencement of construction.
A total of £51.3 million has been secured from syndicate members comprising the UK government, through the Department of Energy and Climate Change (“DECC”), Scottish Enterprise, Highlands and Islands Enterprise (“HIE”), The Crown Estate (“TCE”) and Atlantis.
Of the total financing package, an aggregate of £17.5 million is in the form of senior project finance funding, comprising a £7.5 million project finance debt facility from Scottish Enterprise through its Renewable Energy Investment Fund (“REIF”) administered by the Scottish Investment Bank, and £10.0 million of funding from TCE. A further £13.3 million is being provided in the form of direct grants to MeyGen from DECC and HIE.
The balance of £20.5 million is being provided as cash equity investment into Tidal Power Scotland Holdings Limited, the holding company of MeyGen, which has been established to invest in MeyGen and other tidal power projects in Scotland. Of this equity investment, £10.8 million is to be subscribed by Atlantis with Scottish Enterprise, through REIF, having committed to subscribe the balance of equity amounting to £9.7 million, with all such equity to be subscribed in a series of tranches over the coming months.
Once all of this equity has been subscribed, Atlantis’s holding in MeyGen will be 86.5 per cent and Scottish Enterprise’s holding, as a new shareholder, will be 13.5 per cent.
The first stage (Phase 1A) of the project will comprise the installation of four 1.5 megawatt turbines offshore as well as the construction of the onshore infrastructure to support the project.
Three of the turbines will be supplied by Andritz Hydro Hammerfest and one Lockheed Martin-designed turbine supplied by Atlantis
Construction is expected to commence in Q4 2014 with first power to the grid and revenues earned in H1 2016.
Also, Atlantis is pleased to announce that MeyGen recently signed a ten year Power Purchase Agreement with Smartest Energy that will guarantee revenue for the project, both for the electricity supplied to the grid and the 5 Renewable Obligation Certificates that the project will receive for each Megawatt Hour of electricity generated.
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 / Andy Crossley
FTI Consulting +44 (0) 20 3727 1000
Ben Brewerton / Alex Beagley / Stephanie Blott / James Styles
Published 21st of August 2014
MeyGen, the world’s largest tidal stream development, has today announced that it has agreed terms for a funding package to finance the construction of the first phase of its ground breaking 398MW tidal array project in the Pentland Firth, Scotland. When fully completed, the MeyGen project will have the potential to provide clean, sustainable, predictable power for 175,000 homes in Scotland, support more than 100 jobs, reduce carbon emissions, and deliver significant, long-term supply chain benefits for UK economy.
The MeyGen project, owned by AIM-listed tidal power company Atlantis Resources (“Atlantis”), has successfully led a funding syndicate to raise approximately £50 million which will be used to finance the initial stage of the wider MeyGen project. This initial stage (Phase 1A) will include the installation of 4 X 1.5 megawatt turbines offshore as well as the construction of all onshore infrastructure to support the project, including the onshore power conversion centre and grid connection.
When completed, the project will include up to 269 turbines submerged on the seabed, generating enough energy for 175,000 homes in Scotland. The total first phase (Phase 1) of the project alone (61 turbines / 86MW) is expected to provide enough electricity for 42,000 homes in Scotland. Construction is expected to begin later this year, with the first electricity anticipated to be delivered to the grid by 2016.
Approximately 50 direct jobs will be created during Phase 1 of the project, with a further 70 indirect roles created throughout the supply chain.
As the first large-scale tidal project of its type in the world to successfully reach a funding agreement, the MeyGen project will be a catalyst for the global tidal power market, signalling the transition of the industry from demonstration projects to commercial arrays.
The funding syndicate includes: Atlantis; the Department of Energy & Climate Change; The Crown Estate; Scottish Enterprise via the Renewable Energy Investment Fund (REIF); and Highlands and Islands Enterprise.
HSBC will be acting as the security trustee and account bank for the project, having also facilitated various guarantees to key stake holders (National Grid PLC and Scottish Hydro Electric Power Distribution PLC) to support the project.
The finance package includes a combination of equity, debt and grants, and 60 percent of the project cost will be invested in the UK supply chain. Significant project supply chain partners will include ABB, Andritz Hydro Hammerfest, Global Energy Group and James Fisher PLC.
As a result, the project has won the support of the Scottish government via Scottish Enterprise’s Renewable Energy Investment Fund, the British government, and The Crown Estate.
Commenting, Atlantis CEO and MeyGen director Tim Cornelius, says:
“Today, we are witnessing the transformation of a sector. MeyGen is one of the most exciting and innovative renewable energy developments in the world, marking the long-awaited arrival of tidal stream generation as a serious, large-scale player in global energy markets. I am proud that Atlantis will become the first company to successfully develop a project of this kind, at this size, making Atlantis the first independent power producer from a tidal array.”
Rob Hastings, Director of Energy and Infrastructure, The Crown Estate says:
“As manager of the UK seabed, The Crown Estate is pleased to confirm its commitment to invest in the first UK tidal array project, a crucial stepping stone on the path towards fully unlocking the nation’s tidal energy potential over the long term.”
Energy Secretary Ed Davey says:
“This innovative and exciting project puts Scotland and the UK on the map as a global leader in marine technology – meaning jobs, better energy security and the potential to export this technology to the world.
“The project also shows what can be done when the UK and Scottish governments work together to provide a lasting benefit for the people of Scotland.
“Meygen will be the biggest tidal stream array in the world, providing enough electricity for 175,000 homes and 100 ‘green jobs’ when completed.
“Wave and tidal power have the potential to provide more than 20% of the UK’s electricity needs, and Meygen could pave the way for future projects in the Pentland Firth.”
Alex Paterson, Chief Executive, Highlands and Islands Enterprise (HIE) says:
“HIE is delighted that this internationally significant tidal project has been confirmed today. Its significance should not be underestimated. This is a world leader, the MeyGen project being the first commercial tidal array to be developed and built out. It further confirms the Highlands and Islands as a global centre for marine renewables, with Marine Energy Park (MEP) status, some of the world’s best wave and tidal conditions, a skilled workforce and supply chain expertise across the sector. HIE looks forward to working with MeyGen and Atlantis in the coming months, and very much welcomes this step towards successful marine energy developments in the region.”
Lena Wilson, chief executive of Scottish Enterprise says:
“We’re already leading the world in terms of research and development facilities for the tidal sector, and have more tidal devices being tested in our waters than anywhere else in the world. The plans for the Pentland Firth are further evidence of Scotland’s position as one of the key players in the fast growing renewables sector at a global level.”
Fergus Ewing MSP, Scottish Energy Minister says:
“The funding announced today will help bring to life innovative and exciting plans to develop the world’s largest tidal power project in Scotland.
“Our ambition for Scotland’s emerging wave and tidal sectors remains great. The Pentland Firth development takes our ambition to the next level and further cements Scotland’s reputation as a world leader in deploying renewables technology.
“We know that the successful harnessing of ocean power takes hard work and persistence which is why we are determined to support those in the industry.
“By developing clean, green energy we are creating opportunities for communities in the north of Scotland and delivering jobs and investment.”
The Department for Energy & Climate Change estimates that the UK alone has around 50% of Europe’s tidal energy resource and that it could meet 20% of the UK’s electricity demand. Tidal power is not only expected to play a major role in replacing the UK’s ageing coal and gas fired power plants, but its highly predictable nature means that it avoids many of the challenges associated with managing electricity generated by unpredictable, and often controversial, land-based renewable technologies such as onshore wind and solar farms.
Published 17th of July 2014
We are delighted to announce that the UK headquarters of Atlantis Resources (Scotland) Limited and the MeyGen Project Office officially opened on Monday 14th July. The new office is located at 90A George Street, Edinburgh EH2 3DF.
Please note that our general telephone number is temporarily out of order, so please contact us via email at firstname.lastname@example.org until further notice.
Published 7th of July 2014
Atlantis Resources (Scotland) Limited announce open roles for MeyGen Project Manager and Group Health & Safety Manager, for which candidates are sought immediately.
For more details please follow:
If you’d like to apply for either of these positions please contact us via email@example.com
Published 30th of May 2014
In order to assist with its ongoing development, MeyGen has applied to Ofgem (the UK electricity regulator) for an Electricity Generation License. As part of this process MeyGen Ltd. is required to publish a notice stating that the application has been made. Please click on the below to take you through to the notice. The consultation for this application is 28 calendar days from the time that we publish the notice on our website (please note date of release). Should you wish to know more about this application and the reasons for it please feel free to contact us.
Published 7th of May 2014
The MeyGen project is ever nearing its completion of funding towards Phase 1a and in order to assist stakeholders and potential funders alike to understand how it is intended for Phase 1a to be delivered a video has been produced. Please click on the following.
Published 23rd of April 2014
Mojo Maritime and the University of Exeter successfully retrieved an Acoustic Doppler Current Profiler (ADCP) from the MeyGen site. The water velocity from the seabed to the sea surface has been measured in all three directions for the duration of one month; the data is currently being post-processed by the University of Exeter and will be made available to MeyGen shortly. Measured data is crucial to the prediction of tidal flows and to the design of the turbines and can be used for the validation of numerical models for long-term array performance predictions. This data and information will add to our continual campaign to understand the flow and dynamic environment of the Inner Sound
Published 10th of April 2014
In August 2013 Mojo Maritime Ltd completed a near shore bathymetric survey at the Ness of Quoys on behalf of MeyGen Limited. The survey measured the depth of the seabed with respect to Lowest Astronomical Tide (LAT) to a resolution of 20cm; the data collected will aid the cable installation process in order to connect the offshore site to the onshore site and grid connection. The quality of the data is very good with matching overlap from the previous bathymetric survey taken in 2009.
Published 20th of March 2014
MeyGen are delighted to be the main sponsors of The Castle of Mey 10K run, Mey Mile Fun Run and Mey Meander Charity Walk scheduled to take place on Sunday 11th May 2014. This event, organised by North Highland Harriers, hosts the most northerly 10K on the British mainland, and is run in the grounds of the historic 14th Century Castle of Mey, home of the late Queen Mother. The official charity for the 2014 event is Thurso and District Fundraising Group for Marie Curie Cancer Care. For details on how to enter the race and for further information on all the events and the official charity, please click here:
Published 18th of March 2014
The annual Caithness International Science Festival provides an opportunity for Science O3 to inspire local primary and secondary pupils, families and the general public to engage in science, technology, maths and engineering. MeyGen are one of the many companies associated with the event, sponsoring the interactive workshop for the Schools Programme “Power from the People”. The Fair is running from 18th March, culminating in a Family Day on Saturday 22nd March at Wick Assembly Rooms from 12pm til 4.30pm. For further information, please click here: http://www.science03.org/thefestival2014.html
ATLANTIS RESOURCES LIMITED (“Atlantis” or the “Company”) Atlantis, owner of the world’s largest planned tidal stream energy project, MeyGen Limited (“MeyGen”), is pleased to announce that all conditions have been satisfied under the terms of the funding package announced on … Continue reading
MeyGen agrees terms for a funding package to finance Phase 1A of the MeyGen project. The funding syndicate includes: the Department of Energy & Climate Change, Scottish Enterprise via the Renewable Energy Investment Fund (delivered by the Scottish Investment Bank), … Continue reading
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