Scots start search for MeyGen tidal energy project investment advisor

Scottish government’s public bodies – Crown Estate Scotland and Scottish Enterprise – are looking to appoint consultants who would provide technical advice services for investments in the MeyGen tidal energy project.

The objective of the tender, published on Scottish government’s procurement site, is to identify a party with technical understanding of the tidal stream sector, combined with sufficient experience and knowledge about the tidal stream sector, the MeyGen project and the specific technology utilized in the scheme.

The selected consultants will provide technical advice services related to the investments in the MeyGen project for a period of three years, starting from late November 2022, unless terminated earlier in accordance with the subsequent agreement, according to the Crown Estate Scotland.

More specifically, the consultants will provide funders with technical advisor input during MeyGen project’s operational phase, which will cover the review of annual operating budget, including the underlying technical and operational assumptions for the ongoing budget and revenue.

The goal of the produced report is to confirm any likely adverse effects, according to the tender, which is open for applications until October 7, 2022.

Also, the consultants will coordinate and chair monthly and longer quarterly meetings with MeyGen project’s team and the funders, as well as providing general support and advice on issues that may arise as required.

To remind, in 2010, as part of the Pentland Firth and Orkney Waters leasing round, the Crown Estate awarded an agreement for lease to MeyGen, granting the option to develop a tidal stream project of up to 398MW at an offshore site between Scotland’s northernmost coast and the island of Stroma.

In 2014, the Crown Estate signed a 25-year seabed lease with Atlantis Resources (now SIMEC Atlantis Energy) for the development of the largest planned tidal stream project in the world.

The same year, the Crown Estate approved investment of £10 million in the MeyGen tidal energy project, supporting the deployment of the first phase of the project.

The first phase saw the installation of 6MW tidal power capacity, and is currently operational, while the second phase is in development.

SIMEC Atlantis Energy, the developer behind the scheme, has full consent, all necessary permissions and grid capacity to install an additional 80MW of tidal stream capacity on the MeyGen site.

Earlier in 2022, SIMEC Atlantis secured the UK government’s support to build the first 28MW for MeyGen, as part of the project’s second phase, through the country’s fourth round of contracts for difference (CfD).

The secured CfD achieved in the fourth auction round guarantees £178.54 (€209.01) per MWh for 15 years for the supported tidal power projects.

To remind, MeyGen accounted for 75% of the total global tidal stream output at the end of 2021, marking a huge achievement for this landmark project.

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