Orbital Marine Power gets GBP 8m in operational finance
Orbital O2. Image by Orbital Marine Power Ltd.
July 4 (Renewables Now) - Scottish floating tidal stream turbine developer Orbital Marine Power Ltd today said it has secured GBP 8 million (USD 9.6m/EUR 9.2m) in finance to back the ongoing operation of its 2-MW-plus floating turbine, the O2, said to be the world’s most powerful tidal stream turbine.
The device was launched at the European Marine Energy Centre (EMEC) in Orkney last year.
The company has obtained debt facilities of GBP 4 million each from the Scottish National Investment Bank and individuals through the Abundance Investment platform. The facilities will be serviced by the long-term sale of electricity from the turbine to the UK grid or hydrogen electrolysers.
The Abundance funding represents a 12-year debenture offer which helps to refinance a construction debenture raised through the platform in 2019.
Orbital Marine Power chief executive Andrew Scott commented that completing operational finance for the first O2 shows strong institutional and public support for the company.
“Following today’s announcement, Orbital is well-placed to continue developing further projects, benefiting our wide-reaching UK supply chain,” the CEO said.