Atlantis to proceed with MeyGen next phase

Atlantis Resources Ltd (LON:ARL) today confirmed an investment decision to proceed with the next phase of the 398-MW MeyGen tidal stream scheme in Scotland, which is known as project Stroma, or MeyGen Phase 1B.

The investment decision follows a competitive tender process for the project construction contracts and will allow the Stroma phase to move into construction next year, the company said. The turbines will be provided by Marine Current Turbines Ltd, which Atlantis acquired from Siemens AG (ETR:SIE) last year.

Phase 1A of the project, which will consist of four 1.5-MW turbines, generated first power in November. Atlantis previously said it is due to start construction for the next 6-MW phase in 2017.

The company noted that project Stroma will feature larger diameter rotors, optimised turbine power ratings and drilled foundation structures. "The lessons we have learned from Phase 1A and the confidence it has given to both us and our supply chain allow us to deliver significant improvements and refinements in this next phase," commented Atlantis chief executive Tim Cornelius.

Project Stroma has been awarded a EUR-16.8-million (USD 17.7m) grant from the European Commission's (EC) NER300 fund.

(EUR 1.0 = USD 1.056)

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