MeyGen tidal project signs the UK’s largest marine energy lease

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Atlantis, owner of the world’s largest planned tidal stream energy project, MeyGen, has announced that it has signed a 398MW, 25-year seabed lease with The Crown Estate. It is the largest marine energy lease to be awarded by The Crown Estate and is the first in The Pentland Firth and Orkney Waters region, Scotland.

Atlantis recently announced that it has agreed terms with a funding syndicate for Phase 1A of the MeyGen project which will exceed £50 million. Construction is expected to commence in Q4 2014 with first power to the grid and revenues being earned in H1 2016.

“Signing the Lease with The Crown Estate is a significant achievement being the first of its kind and demonstrates how a commercial scale energy project can be designed, consented, engineered and funded within four years,” commented Dan Pearson, Chief Executive of MeyGen.

"This is the culmination of a talented and committed team working alongside stakeholders and governments who are determined to launch a new energy sector within Scotland and the UK. We are thankful to all who have helped us along the journey and look forward to delivering the first phase.”

Ronnie Quinn, Head of Ocean Energy, The Crown Estate added: “Our commitment to invest in and agree a lease for the Meygen project continues our strategy to explore tidal stream energy on a commercial scale and its potential to help unlock the nation’s tidal energy resources over the long-term.”

The completed MeyGen Project will include up to 269 turbines submerged on the seabed, generating enough energy for 175,000 homes in Scotland. The first phase (Phase 1) of the project will consist of 61 turbines / 86MW, and is expected to provide enough electricity for 42,000 homes in Scotland.

Approximately 50 direct jobs will be created during Phase 1 of the project, with a further 70 indirect roles created throughout the supply chain.

Phase 1A of the construction process will include the installation of 4 X 1.5 megawatt turbines offshore as well as the construction of all onshore infrastructure to support the project, including the onshore power conversion centre and grid connection.

The funding syndicate for Phase 1A includes: the Department of Energy & Climate Change, Scottish Enterprise via the Renewable Energy Investment Fund (delivered by the Scottish Investment Bank), Highlands and Islands Enterprise, The Crown Estate, and Atlantis Resources Ltd.

Atlantis Resources Limited is a vertically integrated turbine supplier and project developer in the tidal power industry. www.atlantisresourcesltd.com

More about the Crown Estate at www.thecrownestate.co.uk

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