REG - SIMEC AtlantisEnergy - SAE secures support for more turbines at MeyGen

SIMEC Atlantis EnergyAnnouncement

08/09/2023 08:15

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RNS Number : 8548L  SIMEC Atlantis Energy Limited  08 September 2023

8 September 2023

 

SIMEC Atlantis Energy Limited

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

 

 

SAE secures support to deliver another phase at the world leading MeyGen
project

 

SAE is delighted to announce that it has successfully secured 4 Contracts for
Difference (CfD) in the latest allocation round, for the world leading MeyGen
site. These CfD contracts, which guarantees £198 (£/MWh), for 15 years from
31(st) March 2028 commissioning date, will allow SAE to deliver a total of
c.22MW of clean, home-sourced, predictable power at its MeyGen site in
Scotland.

 

SAE has been making good progress on the delivery of the 28MW secured in the
AR4 round (July 2022) and the success in this round will help the project
achieve greater economies of scale and address the significant cost increases
faced by those successful in 2022.

 

By delivering these projects in parallel, SAE will be delivering a 50MW tidal
stream array, in addition to the 6MW already operational at the MeyGen site.
This is the equivalent of over 65,000 homes per annum being powered by the
tide. To deliver these projects, SAE is in advance discussions with a
consortium, involving global manufacturing and engineering firms, which will
see the deployment of 3MW turbines. These turbines will be the most powerful
tidal turbines ever deployed. SAE is working to ensure the project achieves
the maximum benefit for the UK and Scotland, with the potential for a turbine
manufacturing facility being established near the site.

 

This milestone has been achieved thanks to the huge support of the SAE
shareholders, stakeholders, and project partners.

 

This is another important step for the project and the industry, but it is
vital this progress is maintained. SAE looks forward to working with all
stakeholders to ensure that the next auction round delivers greater scale and
unlocks the full potential of both the MeyGen site and the wider industry.

 

 

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 is a global developer, owner and operator of sustainable energy projects.
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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