REG - SIMEC AtlantisEnergy - Delivery of MeyGen project continues at pace

SIMEC Atlantis EnergyAnnouncement

08/11/2022 07:01

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RNS Number : 5788F  SIMEC Atlantis Energy Limited  08 November 2022

 

 

8 November 2022

SIMEC ATLANTIS ENERGY LIMITED

("SAE", the "Company" and, together with its subsidiaries, the "Group")

 

Delivery of next phase of the world-leading MeyGen project continues at pace

 

SAE, the global leader in tidal energy, is continuing to make good progress in
the delivery of the first commercial-scale tidal array in the world at its
MeyGen site in Scotland. The next phase at the MeyGen site will see SAE
deliver an additional 28 MW of predictable, renewable power.

 

To take overall responsibility for the delivery of phase 2, SAE is delighted
to announce the appointment of Mr Mark Evans as Project Development Director.
Mark brings over 20 years of renewable energy development and delivery
experience, including the development of over 1 GW of wind projects. Mark
brings to the team a proven track record of successfully delivering major
renewable projects as well as a passion for tidal energy.

 

SAE also announces that it has appointed Lumin Capital, an international
corporate finance advisory firm, as financial advisor for MeyGen phase 2 to
advise on securing the necessary financing for the project. Lumin Capital
brings extensive experience of working with project developers on projects
around the world to enhance shareholder value and secure funding. Lumin will
be a key part of the team in ensuring the success of MeyGen phase 2.

 

SAE has also been active at the MeyGen site, completing resource surveys which
provide vital data to better understand the tidal resource across the site to
allow for the detailed design of the project. In October 2022, SAE
successfully deployed an acoustic Doppler current profiler ("ADCP"), a tidal
flow measurement device, at the MeyGen site. The ADCP will be deployed for a
month to record a full lunar cycle's worth of data. SAE has combined the fixed
deployed ADCP with vessel-mounted ADCP surveys to better understand the
variable flows across the site. SAE is working with Fraser Nash Consultancy
and the University of Edinburgh on this analysis and the tidal array design
optimisation work that will subsequently be conducted using this data.

 

SAE remains on track to achieve financial close of the MeyGen phase 2 project
in 2024 with operation starting in 2027.

 

 

 

For more information, please contact:

 

 SIMEC Atlantis Energy Limited               +44 (0) 7739 832 446
 Sean Parsons, Director of External Affairs
 Investec Bank PLC - NOMAD and Joint Broker  +44 (0) 20 7597 5970
 Virginia Bull

 Ben Griffiths

 Arden Partners PLC - Joint Broker             +44 (0) 20 7614 5900

 Ruari McGirr

 Simon Johnson

 

 

Notes to Editors

 

SAE is a global developer, owner and operator of sustainable energy projects
with a diverse portfolio in various stages of development.

https://www.simecatlantis.com/ (https://www.simecatlantis.com/)

 

 

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