Atlantis Resources Limited MeyGen Project awarded ICOE's Navigator Award
November 05 2014 - 6:29AM
RNS Non-Regulatory
TIDMARL
Atlantis Resources Limited
05 November 2014
World's largest tidal array development wins prestigious
international Award
The UK's 'MeyGen Project' awarded the ICOE's inaugural
'Navigator Award'
5(th) November 2014: Last night, the 398MW MeyGen project was
awarded the first ever 'Navigator Award' at the International
Conference on Ocean Energy (ICOE), in recognition of the project's
significant contribution to the global marine renewable
industry.
The highly prestigious Award was awarded to the MeyGen Project,
which is 86 percent owned by Atlantis Resources, at the
International Conference on Ocean Energy, in Halifax, Nova
Scotia.
Dan Pearson, CEO of MeyGen was delighted to receive the award.
He said: "At MeyGen, we are both thrilled and challenged to accept
the ICOE 2014 Navigator award and recognition. We know that the
eyes of the world are on our project, but we know we are solving
lots of problems for the first time!"
The International Conference on Ocean Energy is held in even
years and is the world developer conference for the wave and tidal
industry. With 120 exhibitors in a tradeshow and more than 650
delegates from 25 countries, it is a benchmark event for this
emerging industry.
Chris Campbell, chair of ICOE's international organisers,
remarked "MeyGen is the first project to secure leasing,
environmental permitting, technology supply, power purchase and
financial close agreements. The project has momentum and has
potential to grow into an industrial-scale power plant."
"Scotland, France, Ireland and Nova Scotia are the places to
watch for these prototype tidal power projects" said Elisa Obermann
of Marine Renewables Canada, the national organization hosting the
fifth ICOE, for the first time outside Europe.
In its first phase, the MeyGen project will install four 1.5MW
turbines offshore and construct 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. When fully operational, the 398MW tidal array
will generate the electricity to power 175,000 Scottish homes by
the early 2020s.
ENDS
Notes to Editors
For more information, please contact Stephanie Blott on +44
(0)203 727 1000 or email atlantis@fticonsulting.com
About Atlantis (www.atlantisresourcesltd.com)
Atlantis Resources Limited is a vertically integrated turbine
supplier and project developer in the tidal power industry. The
Atlantis group holds equity positions in a diverse portfolio of
tidal stream development projects, which includes a stake of more
than 86% in MeyGen Limited, the company developing the MeyGen
project in Scotland.
The MeyGen project is the largest consented tidal stream power
project in Europe, and is scheduled to commence generation in H1
2016.
Alongside its project development interests, Atlantis 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 Atlantis group, which is revenue generating, also
conducts industrial research and development, and provides
specialist consulting services globally.
Atlantis Resources was admitted to AIM on 20 February 2014.
About the MeyGen Project
The MeyGen project is the largest planned tidal development
project in the world at 398 megawatts of total installed capacity
when fully constructed. Situated in the Pentland Firth, Scotland,
the MeyGen array will consist of 269 submerged tidal turbines,
enough to power 175,000 Scottish homes.
The construction of the MeyGen tidal array will take place in
three stages including:
- Phase 1A: the first 6MW (4 turbines): Enough to power approximately Scottish 3000 homes
- Phase 1: the first 86MW (61 turbines in total): Enough to
power approximately 42,000 Scottish homes
- The complete 398 MW (269 turbines): Enough to power approximately 175,000 Scottish homes
In September 2014, Atlantis announced a GBP51.3 million project
finance package for MeyGen, including a mixture of debt, equity and
grants from the UK Department of Energy and Climate Change,
Scottish Enterprise, The Crown Estate and Highlands and Islands
Enterprise for the construction of Phase 1A of the MeyGen project.
The Atlantis group retains a holding of more than 86 per cent in
MeyGen, and Scottish Enterprise's holding, as a new shareholder, is
13.5 per cent.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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