REG - SIMEC AtlantisEnergy - SAE successfully secures Government support

SIMEC Atlantis EnergyAnnouncement

07/07/2022 08:30

For best results when printing this announcement, please click on link below:
http://newsfile.refinitiv.com/getnewsfile/v1/story?guid=urn:newsml:reuters.com:20220707:nRSG6631Ra&default-theme=true

RNS Number : 6631R  SIMEC Atlantis Energy Limited  07 July 2022

 

 

 

RNS

7 July 2022

SIMEC ATLANTIS ENERGY LIMITED
("SAE", the "Company" and, together with its subsidiaries, the "Group")

 

SAE successfully secures Government support to deliver the next phase of world
leading tidal projects

 

SAE is delighted to announce that it has successfully secured a Contract for
Difference (CfD) in the latest allocation round, for the world leading MeyGen
site. The CfD, which guarantees £178.54 (£/MWh), for 15 years, will allow
SAE to deliver 28MW of clean, home-sourced, predictable power at its MeyGen
site in Scotland.

 

The site is already the largest tidal project in the world and will establish
it as the global home of tidal energy. This milestone has been achieved thanks
to the huge support of the SAE shareholders, stakeholders, and project
partners.

 

SAE will work to achieve financial close for this next phase of the project by
2024 with the operation starting in 2027.

 

Graham Reid, CEO of SAE, commented:

 

"The significance of today's announcement cannot be downplayed. We are going
to be delivering the world's first commercial scale tidal array and we now
have a clear runaway, with future CfD rounds, to deliver the full c400MW of
tidal power generation at MeyGen. I can't thank enough all those who have
championed, supported, and invested in our business to achieve this milestone.
Our absolute focus will be on the delivery of this project."

 

 

 

 

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
 Jeremy Ellis

 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/)

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact
rns@lseg.com (mailto:rns@lseg.com)
 or visit
www.rns.com (http://www.rns.com/)
.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our
Privacy Policy (https://www.lseg.com/privacy-and-cookie-policy)
.   END  MSCSSISWWEESEEW