MeyGen Project Update

RNS Number : 4200M

Atlantis Resources Limited

16 July 2014

 



16 July 2014

ATLANTIS RESOURCES LIMITED

("Atlantis" or the "Group")

MeyGen Project Update

London - Atlantis, a vertically integrated owner of the world's largest planned tidal current energy project, MeyGen, and tidal energy equipment supplier announces that after a lengthy negotiation process, agreement has now been reached on final pricing and terms with each of the following contractors to the project in readiness for execution of all contracts for the construction of Phase 1A of the MeyGen project.  

·     ABB Limited, for civil works and onshore electrical equipment supply

·     Andritz Hydro Hammerfest and Atlantis, for turbine supply

·     Robert Bird Group, Global Energy Group and  JGC Engineering & Technical Services
 Limited, for the design and supply of the turbine foundation  

·     James Fisher Marine Services Limited, for the offshore construction works, including
 installation of the subsea cables, foundations and turbines

·     JDR Cable Systems Limited, for the subsea cable supply

·     O'Connor Utilities Limited, for the directional drilling of cable bores from the onshore site
 to the seabed

The MeyGen project, which was originated by Atlantis, is located in the Inner Sound of the Pentland Firth in Scotland and is the largest planned free stream tidal energy project in the world.  The first 86MW of the project, Phase 1, was awarded consent by the Scottish government in 2013, and the site as a whole has a full potential of almost 400MW of tidal generating plant - equivalent to 265 1.5MW tidal turbines.  Grid capacity has been secured which ensures that the clean energy produced can be exported to domestic and commercial users, powering the equivalent of 42,000 Scottish homes and offsetting an estimated 122,455 tonnes of CO₂ annually during Phase 1 alone.

Atlantis continues to work closely with all relevant financing and contracting parties to reach financial close for Phase 1A of MeyGen, which is expected shortly.

Further updates will be made as appropriate.

-Ends-

For further information please contact:

Atlantis Resources Limited	via FTI Consulting
Tim Cornelius, Chief Executive Officer
Duncan Black, Chief Financial Officer
Peel Hunt LLP	[phone]
Daniel Harris / Andrew Crossley
FTI Consulting Ben Brewerton / Alex Beagley / James Styles	[phone]

About Atlantis Resources

Atlantis Resources Limited is a vertically integrated turbine supplier and project developer in the tidal power industry. The Group holds interests in a diverse portfolio of tidal stream development projects, which includes 100 per cent ownership of MeyGen Limited, the company developing the MeyGen project in Scotland.  The directors believe that MeyGen is the largest consented tidal stream power project in Europe, and is scheduled to commence power production in 2016.

Alongside its project development interests, the Group owns a portfolio of patents and patent applications relating to tidal power generation and sells tidal generation equipment and engineering services to third party developers as well as its own projects. The Group, which is revenue generating, also conducts industrial research and development and provides specialist consulting services globally.

 

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