SAE secures funding from Scottish Enterprise

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 £2.5m 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:

SIMEC Atlantis Energy Limited	[phone]
Sean Parsons, Director of External Affairs
Investec Bank PLC - NOMAD and Joint Broker	[phone]
Jeremy Ellis Ben Griffiths
Arden Partners PLC - Joint Broker	[phone]
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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