REG - SIMEC AtlantisEnergy - SAE secures additional support for MeyGen project

SIMEC Atlantis EnergyAnnouncement

03/09/2024 08:45

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RNS Number : 6990C  SIMEC Atlantis Energy Limited  03 September 2024

3 September 2024

 

 

SIMEC Atlantis Energy Limited

("SAE Renewables", "SAE" or the "Company")

 

SAE secures support to deliver more capacity at the world leading MeyGen
project

 

SAE is pleased to announce that it has secured a Contract for Difference
("CfD") in the latest Allocation Round ("AR"), for the world leading MeyGen
site. These CfD contracts, which guarantee 172 (£/MWh), for 15 years from
31(st) March 2029, the target commissioning date, will allow SAE to increase
the size of the MeyGen 2 development by c.9MW, enabling more clean,
home-sourced, predictable energy to be generated at its MeyGen site in
Scotland.

 

As previously announced, on 8 September 2023, SAE has already secured
contracts for 50MW in AR4 and AR5, and this further success in AR6 will bring
the total project under development to 59MW.

 

This next phase is in addition to the 6MW already operational at the site.
MeyGen has so far produced 66GWh of energy, more than all other tidal stream
sites in the world combined, clearly demonstrating that MeyGen is the world's
number one site for tidal stream power.

 

To deliver the 59 MW project, SAE is in advanced discussions with global
manufacturing and engineering firms. These non-binding discussions are
progressing well, and SAE will provide further updates as and when
appropriate.

 

Graham Reid, CEO of SAE Renewables, commented:

 

"The scale and opportunity that MeyGen represents for the industry the supply
chain, our stakeholders and the wider United Kingdom, is significant and we
will work with all involved to ensure its success."

 

This announcement contains inside information as defined in Article 7 of the
EU Market Abuse Regulation No 596/2014, as it forms part of United Kingdom
domestic law by virtue of the European Union (Withdrawal) Act 2018, as
amended, and has been announced in accordance with the Company's obligations
under Article 17 of that Regulation.

 

- Ends -

For further information, please contact:

 

 SAE Renewables                                           +44 (0)7739 832 446

 Sean Parsons, Director of External Affair

 Strand Hanson Limited (Nominated and Financial Adviser)  +44 (0)20 7409 3494

 Richard Johnson

 Rory Murphy

 David Asquith

 Zeus Capital Limited (Broker)                            +44 (0)20 3829 5000

 Louisa Waddell

 Simon Johnson

 

Notes to Editors

SAE Renewables is a global developer, owner and operator of sustainable energy
projects and as a result is proud to have received the London Stock Exchange's
Green Economy Mark. SAE owns the world's flagship tidal stream project,
MeyGen. SAE is also the owner of the Uskmouth Power Station site that is being
repurposed into a sustainable energy park, initially housing one of the UK's
largest battery energy storage projects. https://www.saerenewables.com/
(https://www.saerenewables.com/)

 

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