LONDON, UK: Simec Atlantis Energy Limited (SAE) introduced that MeyGen has secured a non-convertible mortgage of £2.5m from Scottish Enterprise, which will allow the redeployment of the remaining two generators on the MeyGen site inside the subsequent 12 months. This follows the profitable deployment in March 2022 of the AR1500, 1.5MW tidal turbine.
The first of those generators is scheduled for redeployment in May 2022 and the ultimate turbine will be deployed in March 2023, full with a retrofitted moist mate connection system, which greater than halves the prices of future turbine recoveries and deployments.
Demonstrating the viability of the tidal generators is vital to the success of MeyGen, the largest deliberate tidal stream project inside the world. When operational, the generators have far exceeded expectations and this funding from Scottish Enterprise will support deployment and exercise to make sure continuation of the project.
SAE CEO, Graham Reid, commented: “I would like to thank Scottish Enterprise for his or her continued support of the enterprise and the MeyGen project. The successes and challenges we have confronted on this project pave the way to set up a world main industry in Scotland and bring huge financial and environmental advantages for Scotland and the UK. Our focus now is in ensuring our generators 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 chief inside the marine sector and central to that is MeyGen. Scottish Enterprise has had a longstanding partnership with the project and we glance ahead to developing this additional as we support the energy transition and ship sustainable financial growth for all of Scotland’s communities.”
SAE is a global developer, proprietor and operator of sustainable energy projects with a various portfolio in various stages of development. This features a seventy seven per cent. stake inside the world’s largest tidal stream energy project, MeyGen, and 100 per cent. of the 220MW Uskmouth Power Station conversion project.