Atlantis to create 120 new jobs in Pentland Firth for world’s biggest tidal energy project

Atlantis, owner of the world’s largest planned tidal stream energy project, MeyGen, announces that it has signed a 398MW, 25-year seabed lease with The Crown Estate.

Atlantis ResourcesThe lease was secured after MeyGen satisfied the extensive development obligations contained within its five-year Agreement for Lease, which was signed in October 2010. It is the largest marine energy Lease to be awarded by the British Crown Estate and is the first in the Pentland Firth and Orkney Waters region.

Atlantis recently announced that it has agreed terms with a funding syndicate for a funding package for Phase 1A of the MeyGen project which will exceed £50 million. 

Construction is expected to commence in Q4 2014 with first power to the grid and revenues being earned in H1 2016.  Approximately 50 direct jobs will be created during Phase 1 of the project, with a further 70 indirect roles created throughout the supply chain.

Dan-PearsonDan Pearson, Chief Executive of MeyGen, commented:

“Signing the Lease with the Crown Estate is a significant achievement being the first of its kind and demonstrates how a commercial scale energy project can be designed, consented, engineered and funded within four years.

“This is the culmination of a talented and committed team working alongside stakeholders and governments who are determined to launch a new energy sector within Scotland and the UK. We are thankful to all who have helped us along the journey and look forward to delivering the first phase.”

ronnie-quinn

Ronnie Quinn, Head of Ocean Energy, The Crown Estate said:

“Our commitment to invest in and agree a lease for the Meygen project continues our strategy to explore tidal stream energy on a commercial scale and its potential to help unlock the nation’s tidal energy resources over the long-term.”

 

Pictures show (l) Dan Pearson, Chief Executive of MeyGen and (r) Ronn Quinn, Head of Ocean Energy, The Crown Estate

 

 

Pixie Energy

Pixie logo Pixie Energy is an incubator and a facilitator of strategic research and project work, focusing on energy regulation, policy and markets at the local and national level. Find out more about Pixie Energy here.

Local Energy Matters: Scotland

Local Energy Matters: Scotland is a free-to-download brochure with a focus on energy tariffs in the two Scottish electricity distribution regions, as well news on local energy and low-carbon schemes.

Previous editions can be download here.

Scottish energy market overview

You can read an overview of the Scottish energy market here.

Scottish Government energy feed