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SIMEC Atlantis Energy Ltd - Edinburgh-based energy company - Wins government support to deliver the next phase of tidal projects. It says it has successfully secured a contract for difference in the latest allocation round for MeyGen site in Scotland. SAE says the CfD guarantees £178.54 per megawatt hour for 15 years. The firm it will deliver ‘28MW of clean, home-sourced, predictable power.’
Chief Executive Officer Graham Reid says: ‘The significance of today's announcement cannot be downplayed. We are going to be delivering the world's first commercial scale tidal array and we now have a clear runaway, with future CfD rounds, to deliver the full 400MW of tidal power generation at MeyGen.’
SAE says it wants to achieve financial close for this next phase of the project by 2024 with the operation aiming to start in 2027. MeyGen is the largest tidal project in the world.
Current stock price: 1.79 pence, up 42% in London on Thursday
12-month change: down 63%
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