Tidal turbines developer Scotrenewables gets private investment

Scotrenewables' SR2000 being deployed at EMEC. Credit: Scotrenewables Tidal Power Limited

September 26 (Renewables Now) - Scottish marine energy-focused engineering firm Scotrenewables Tidal Power Ltd has secured a multi-million pound investment ahead of starting a new floating tidal stream turbine build.

A private investor group that includes the McGrath family and Matthias Haag, who is the former CEO of the company behind the 600-MW Gemini offshore wind park, has made an investment of an undisclosed sum in Scotrenewables. The latter has also received public sector support through the Scottish government’s Energy Investment Fund.

Scotrenewables is preparing for the build and installation phase for the SR2-2000, a new and optimised tidal power turbine that is expected to be launched in 2019 and deployed in the early part of 2020. The current device, the SR2000, is being removed from the site at the European Marine Energy Centre (EMEC) in Orkney, Scotland, following a record breaking year of testing during which the device produced over 3 GWh of power.

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

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