EC boosts MeyGen with €17M

Business & Finance

The European Commission has approved the grant transfer of €17 million from the Kyle Rhea project to Atlantis’ MeyGen tidal energy project.

According to Atlantis, the funding will accelerate the development of MeyGen Phase 1B, also known as project Stroma, which is expected to reach financial close and begin construction during 2016.

The €17 million funding was originally awarded to the Kyle Rhea project, a tidal stream array project between the Isle of Skye and the west coast of Scotland, being developed by the Marine Current Turbines (MCT), that was acquired by Atlantis earlier this year.

Following completion of the MCT acquisition, Atlantis applied to the European Commission (EC), with the assistance of Scotland, to have this funding transferred from the Kyle Rhea project to MeyGen.

Tim Cornelius, CEO of Atlantis, said: “Construction of MeyGen Phase 1A continues apace with first generation scheduled for next year. The Phase 1B funding announced today will accelerate the rate of development at the MeyGen site and we expect to commence construction of Project Stroma before the end of 2016. These developments further underline the benefits of the MCT acquisition.

“The EC’s continued support for tidal power via the MeyGen and the Sound of Islay projects underlines Scotland’s position as the world’s leading tidal power region and reflects the strong support the industry has received from the Scottish government.”

Atlantis will be able to attain the first tranche of €10 million on April 1, 2016, with the maximum funding available amounting to €16.78 million.

The funding comes from the EC’s NER 300 programme which supports innovative renewable energy technologies.

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Image: Atlantis Resources/Atlantis’ AR1000 tidal turbine