Atlantis Resources – the company building one of the world’s biggest tidal-power electricity-generating developments off the Caithness coast – is forecast to benefit if the UK government takes on advice from experts to use marine renewable energy to meet new requirements to tackle climate change.
The marine renewable energy sector could create thousands of jobs and generate over £5 billion for the economy over the next 20 years, according to an industry report,
The report estimates projects in the tidal stream industry could generate a net cumulative £1.4 billion for the UK economy and support 4,000 jobs by 2040 – mostly mainly in Scotland.
There are around 20 tidal power technology developers in the UK – one of which is MeyGen in the Pentland Firth where the world’s largest tidal energy plant is under construction.
Atlantis Resources indirectly holds a 92% shareholding in in MeyGgen via Tidal Power Scotland Limited, which in turn owns 83.5% of MeyGen Limited
Last month Atlantis Resources announced that MeyGen had formally entered the 25-year operations phase after completing Phase 1A of construction of the project.
The plant has generated roughly 6GWh (gigawatt hours) of energy to date and in March this year it set a new world record for monthly production from a tidal stream array, generating 1,400MWh (megawatt hours).
Tim Cornelius, chief executive of Atlantis Resources, said: “Seeing the MeyGen project move into the operations phase is another major milestone on the path to commercialising tidal stream energy.
“This achievement is a triumph of public policy and a demonstration of what can be achieved when government and the private sector roll their sleeves up and decide to create a whole new industry together.”
Meanwhile Atlantis has submitted a plan to the French government which shows that 2GW of tidal energy is immediately available to be harnessed at Le Raz Blanchard in Normandy.
Up to 1GW could be operational by 2025 with potential to create up to 10,000 jobs and attract more than €3 billion of cap-ex investment.
If implemented, Atlantis believes this would be the largest tidal power project in existence and would build on the success of its MeyGen project off Caithness, where more than 6GWh of predictable renewable power has been generated.
Tim Cornelius, added: “France is sitting on a low cost tidal energy gold mine at Le Raz Blanchard.
“Now that the tidal stream industry is entering full scale commercialisation, France should be at the forefront of exploiting this environmentally benign, predictable and inexhaustible source of renewable energy. “
4 May 2018