Atlantis Resources Limited Successful deployment of Subsea Cables - MeyGen
September 24 2015 - 5:09AM
RNS Non-Regulatory
TIDMARL
Atlantis Resources Limited
24 September 2015
24 September 2015
Atlantis Resources Limited
("Atlantis" or the "Company")
Successful deployment of Subsea Cables - MeyGen
Atlantis, a global leader in the tidal power sector, is pleased
to announce that it has this morning successfully completed the
laying of four subsea cables at the MeyGen site in northern
Scotland.
The four cables are housed in individual bore holes of
approximately 0.5km in length each, drilled earlier this year,
which run from the foreshore into the Inner Sound of the Pentland
Firth and down to the seabed. From the exit of the borehole, the
cables then run along the seabed to the offshore project site,
where four 1.5 MW tidal turbines will be deployed next year. The
cables will connect the tidal turbines to the onshore substation,
from where the power will be fed into the wider grid.
Tim Cornelius, CEO of Atlantis, said:
"This is an excellent result for the project. By its very nature
the offshore site is a challenging tidal environment, and to
complete the installation campaign safely and in line with the
programme is a commendable achievement by our onshore and offshore
teams, aided by great performance from the vessel. After all the
planning it is very rewarding to see the offshore infrastructure
taking shape for this trail-blazing project."
Enquiries:
+44 (0)20 3727
Atlantis Resources 1000
Tim Cornelius, Chief Executive
Officer
Duncan Black, Chief Financial
Officer
Peel Hunt LLP (Nominated Adviser +44 (0)20 7418
and Broker) 8900
Daniel Harris
Jock Maxwell Macdonald
Euan Brown
+44 (0)20 3727
FTI Consulting 1000
Ben Brewerton
Alex Beagley
Stephanie Blott
James Styles
About Atlantis Resources
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 85% 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
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.
(www.atlantisresourcesltd.com)
About the MeyGen Project
The MeyGen project is the largest planned tidal stream
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 85%in MeyGen, and Scottish
Enterprise's holding, as a new shareholder, is 15%.
This information is provided by RNS
The company news service from the London Stock Exchange
END
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