Atlantis Announces Funding For the World’s Largest Tidal Energy Project in Scotland

by , 08/27/14

MeyGen, Atlantis Resources, World's Largest Tidal Stream Project, Pentland Firth, Scotland tidal power, tidal array, MeyGen project, Scotland tidal project, tidal project

The world’s largest tidal energy project just took a big step forward as Atlantis Resources announced it has finalized an $83 million funding package for the project to break ground. When it is finished, the 398 MW MeyGen array of underwater turbines will provide clean, sustainable, predictable power for 175,000 homes in Scotland while reducing carbon emissions.

MeyGen, Atlantis Resources, World's Largest Tidal Stream Project, Pentland Firth, Scotland tidal power, tidal array, MeyGen project, Scotland tidal project, tidal project

MeyGen’s parent company Atlantis Resources has managed to raise approximately £50 million which will be used to finance the initial stage of the wider MeyGen project, including the installation of four 1.5 megawatt turbines as well as the onshore infrastructure needed to support the project. When completed, the project will include up to 269 turbines submerged on the seabed, but the project’s first phase will install 61 turbines that will provide enough electricity for 42,000 homes. Construction is expected to begin later this year, with the first electricity anticipated to be delivered to the grid by 2016.

Related: Scotland to Build World’s First Community-Owned Tidal Turbine

Atlantis CEO and MeyGen director Tim Cornelius, said: “Today, we are witnessing the transformation of a sector. MeyGen is one of the most exciting and innovative renewable energy developments in the world, marking the long-awaited arrival of tidal stream generation as a serious, large-scale player in global energy markets. I am proud that Atlantis will become the first company to successfully develop a project of this kind, at this size, making Atlantis the first independent power producer from a tidal array.”

The MeyGen project is the first large-scale tidal project in the world to successfully reach a funding agreement, and it could serve as a catalyst for the global tidal power market by signaling the transition of the industry from demonstration projects to commercial arrays.

Related: Scotland Approves Europe’s Largest Tidal Energy Project

UK Energy Secretary Ed Davey says: “This innovative and exciting project puts Scotland and the UK on the map as a global leader in marine technology – meaning jobs, better energy security and the potential to export this technology to the world.”

“The project also shows what can be done when the UK and Scottish governments work together to provide a lasting benefit for the people of Scotland. Wave and tidal power have the potential to provide more than 20% of the UK’s electricity needs, and Meygen could pave the way for future projects in the Pentland Firth.”

+ MeyGen

+ Atlantis Resources

Via CleanTechnia

Images via Atlantis Resources and EXVIZ

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  1. Robert Breisch February 25, 2015 at 10:11 am

    Congrats to development of a common sense energy market! Bravo to all involved and I think you all deserve to share in the Nobel Peace Prize!

  2. Barry Leon January 12, 2015 at 7:54 pm

    I have read that, unlike wind turbines (which kill some birds), these move at a sedate pace, easily dodged by fish. The greater power of the flow of water allows for gearing up to a more useful spin within the unit.

  3. bkzeppenfeld September 2, 2014 at 3:44 pm

    Most likely these structures will create habitat and improve and enhance the bio community. Many marine ecosystems are virtual deserts without structure to colonize. That’s why reefs are so bio diverse and prolific, coral creates structure. These turbines will create structure.

  4. Susan Eaton September 2, 2014 at 11:39 am

    Will these tidal turbines have a negative impact on sea life, like wind turbines do for birds when placed on migratory routes? My concern would be those who are bottom-feeders on the seabed.

  5. Wilson Costa Campos August 27, 2014 at 6:41 pm

    isnt this going to create a lot of problems to the sea life?? all the life will move away from the beautiful and rich seas that surround scotland, will be many years so they can go back.

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