Crown Estate pumps £10m into MeyGen – the world’s largest tidal power project – in Scotland

 

Tim Cornelius, Chief Executive, Atlantis Resources - which has raised £50m for MeyGen
Tim Cornelius, Chief Executive, Atlantis Resources – which has raised £50m for MeyGen

The Crown Estate has committed nearly £10 million into the MeyGen Ltd tidal power development as part of approximately £50 million of funding for the first phase of its 398MW project in the Inner Sound of the Pentland Firth.

The MeyGen funding syndicate for the first phase of this project comprises Atlantis Resources Ltd, the Department of Energy (DECC), the Scottish Investment Bank and the Scottish Enterprise quango.

Given its location in one of the most challenging and promising stretches  of UK water, the Inner Sound tidal array project has the potential to play a crucial role in advancing technology and developing essential construction and operating experience on the path towards larger commercial schemes around the UK and worldwide.

By applying targeted capital and sharing its expertise in offshore wave and tidal energy, the Crown Estate hopes to catalyse investments by others and see further projects proceed to construction and operation, thereby maintaining the UK’s global lead in this sector.

Rob Hastings, Crown Estate Director of Energy and Infrastructure, said: “We have been a major player in the development of the offshore renewable energy industry for over 10 years.

“Our commitment to this investment is part of our strategy to explore the potential of tidal stream energy on a commercial scale with a project that offers a crucial stepping stone on the path towards unlocking the nation’s tidal energy potential over the long term.”

As manager of the UK seabed, the Crown Estate has an active role in the development of the offshore renewables industry, working with developers to de-risk the development process for both wave and tidal projects through enabling actions to support health and safety, environmental assessment, planning and consent, grid infrastructure and supply chain development.

See also:

http://www.scottishenergynews.com/atlantis-raises-50m-to-invest-in-worlds-largest-tidal-energy-project-in-scotland/

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