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Atlantis sees delay of fin close for Uskmouth project

The Uskmouth power station in Wales. Author: Reading Tom. License: Attribution 2.0 Generic (CC BY 2.0)

April 14 (Renewables Now) - The tidal business of SIMEC Atlantis Energy Ltd (LON:SAE) currently experiences minimal disruption as a result of the COVID-19 crisis, but the company does not rule out a possible financial close delay for its Uskmouth power station conversion project, it said today.

The sustainable energy company, whose flagship development is the 398-MW MeyGen tidal power project in Scotland, announced in a statement that it is taking certain cost saving measures across its business, including the placing of 27 employees on furlough. Depending on the situation, even more workers could be placed on furlough in the coming weeks.

At the same time, Atlantis’ chairman and all non-executive directors will take a 20% fee cut, with deferral of the remaining fees, while the CEO and executive team will take a 20% salary deferral.

In the tidal business, Atlantis noted that the operational portion of its MeyGen facility continues to export power reliably to the grid. The company continues to expect that it will manage to maintain its current contractual commitments to deliver equipment and services to customers in Japan and Scotland this year.

A reduced team of engineers, meanwhile, will be tasked with the constant monitoring of operating hydro plants under 45 existing contracts. However, the three hydro projects that are currently being built by the Green Highland Renewables business have been temporarily shut down.

As per the 220-MW coal-to-waste-pellets conversion project at the Uskmouth power station in South Wales, the company is undertaking essential project development works to minimise the expected delay to its target financial close date that was previously set for the third quarter of 2020. Atlantis noted that the combustion system design contract awarded to Mitsubishi Hitachi Power Systems Europe GmbH remains on-schedule to be completed this summer.

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Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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