Atlantis gets EUR-17m EC funding for MeyGen Phase 1B

The Climate Change Committee of the European Commission (EC) has agreed to allocate EUR 16.8 million (USD 19.1m) for Phase 1B of Singapore-based Atlantis Resources Ltd’s (LON:ARL) 398-MW MeyGen tidal power project in Scotland.

In a press release on Friday, the company explained that the financing will be transferred to MeyGen from the Kyle Rhea tidal stream project, planned to be located between the Isle of Skye and the west coast of Scotland. The decision comes after Atlantis took control of Kyle Rhea's developer Marine Current Turbines Group (MCT) from Siemens in July 2015.

Atlantis will gain access to the first EUR-10-million tranche of the finding on April 1, 2016. The financial support, which falls under the NER 300 programme for innovative renewable energy technologies, will accelerate the development of MeyGen Phase 1B, also known as Project Stroma. The firm will aim to reach financial close and commence construction of the second phase during 2016, it noted.

“The EC's continued support for tidal power via the MeyGen and the Sound of Islay projects underlines Scotland's position as the world's leading tidal power region and reflects the strong support the industry has received from the Scottish government,” CEO Tim Cornelius noted. The MeyGen, planned for the Inner Sound development zone of Scotland’s Pentland Firth, will comprise 269 turbines, which are seen to be completed by the early 2020s.

(EUR 1.0 = USD 1.138)

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