Atlantis Resources Limited MeyGen Update - First Power Generation (1560P)
November 15 2016 - 2:01AM
UK Regulatory
TIDMARL
RNS Number : 1560P
Atlantis Resources Limited
15 November 2016
Tuesday 15 November 2016
Atlantis Resources Limited
("Atlantis" or the "Company")
MeyGen Update - First Power Generation
Atlantis, a global leader in the tidal power sector, is
delighted to announce that first power has been produced from the
MeyGen project site in the Pentland Firth, Scotland.
The turbine, supplied by Andritz Hydro Hammerfest ("AHH"), was
successfully installed last week and plugged into the pre-laid
cable which connects back to the onshore control centre and grid
export point, which has already been commissioned and
energised.
Both the turbine and cable installation works were completed by
James Fisher Marine Services Limited, using the Olympic Ares. The
turbine installation followed a successful offshore campaign in
October during which GeoSea NV installed all four foundation
structures using its jack-up vessel, the Neptune.
Over the past few days, AHH has been working to establish
communications with the turbine and verify that the on-board safety
and monitoring systems are operational. Now, working with ABB
Limited as the suppliers of the onshore frequency converters, the
AHH team has begun the process of powering up the turbine to tune
the control system for optimised generation. During this programme,
the project is exporting electricity for the first time, using only
the tidally driven water flows which rush through the Inner Sound
of the Pentland Firth. This follows an extensive onshore turbine
testing and commissioning regime prior to final deployment.
This turbine is the first of four 1.5MW tidal stream turbines to
become operational at the site for the first 6MW phase of a total
build out of almost 400MW. Construction for the next 6MW phase,
which benefits from a EUR17 million grant from the EC's NER300
fund, is due to commence next year.
Atlantis is the indirect majority owner of the MeyGen project
through its 92% shareholding in Tidal Power Scotland Limited, which
owns 83.5% of MeyGen Limited alongside Scottish Enterprise (16.5%).
The first phase of the MeyGen project has been funded through a
combination of debt, equity and grants from Atlantis, Scottish
Enterprise, Highlands and Islands Enterprise, The Crown Estate and
the former Department for Energy and Climate Change.
Atlantis CEO Tim Cornelius said:
"This is the moment we have been working towards since we first
identified the MeyGen site back in 2007, and I am immensely proud
of and grateful for the remarkable team of people who have
contributed to this milestone - our suppliers, our funders, our
supportive shareholders, and of course the project team, whose
commitment, tenacity and belief have been without equal.
"I look forward to bringing more news of the project development
over the coming weeks and months as we move into the full
operational phase. It's especially exciting to be making this
announcement on the morning after the first "super moon" in 68
years - last night, those of us with clear skies were able to get a
good view of the powerhouse behind tidal energy, and be reminded
that even in times like these there are still predictions we can
rely on.
"The success of this first phase is a foundation for the tidal
industry to build upon to ensure we develop a new energy sector
which can deliver clean, predictable and affordable power from the
UK's own abundant resources. When it comes to energy, we think
consumers should be asking for the moon, and we know how to harness
it."
Atlantis looks forward to updating the market again in December
on project progress.
Enquiries:
Atlantis Resources via FTI Consulting
Tim Cornelius, Chief Executive
Officer
Simon Counsell, Chief Financial
Officer
Peel Hunt LLP (Nominated Adviser +44 (0)20 7418
and Broker) 8900
Adrian Trimmings
Jock Maxwell Macdonald
+44 (0)20 3727
FTI Consulting 1000
Ben Brewerton
Alex Beagley
James Styles
This information is provided by RNS
The company news service from the London Stock Exchange
END
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