February 11 (Renewables Now) - SIMEC Atlantis Energy Ltd (LON:SAE) said on Monday it has ordered a subsea tidal turbine connection system for its 4-MW Project Stroma in Scottish waters.
Subsea engineering specialists ETA Limited has won the job to design and manufacture the subsea hub, which will allow multiple tidal power turbines to be hooked to a single power export cable. This, in turn, will significantly reduce the length of the power export cable as well as the amount of onshore conversion equipment required for grid connection, SIMEC Atlantis noted.
The two-turbine Project Stroma is an extension to the existing 6-MW installation that is part of the larger 398-MW MeyGen project.
“Building on the success of our previous project specific bond issuances, we are currently in discussion with several regulated exchanges about the issuance of a debt instrument to fund Project Stroma which will in turn allow us to progress our plans to secure CfD allocations for future phases of the MeyGen project,” commented Tim Cornelius, CEO of SIMEC Atlantis Energy. This would be the company’s first listed bond.