Atlantis grabs €17m Kyle grant
Tidal developer to redeploy EU award to MeyGen Phase 1B
Tidal developer Atlantis Resources has got the green light from the EU to redeploy a €17m grant intended for Marine Current Turbines’ abandoned Kyle Rhea project.
The funds will be transferred to Atlantis’ MeyGen project in the Pentland Firth.
Atlantis acquired the Kyle Rhea project, which was to be sited between the Isle of Skye and the west coast of Scotland, when it bought MCT from Siemens in April. After it completed the MCT deal, Atlantis asked for the funding to be transferred.
The first tranche of €10m will be made available next April with €16.78m the maximum available.
The Edinburgh-based company said the new funds would speed up MeyGen’s progress, where the second phase is expected to reach financial close and start construction next year.
Atlantis chief executive Tim Cornelius said: “The Phase 1B funding announced today will accelerate the rate of development at the MeyGen site and we expect to commence construction of Project Stroma before the end of 2016.”
He added: “The Commission’s continued support for tidal power via the MeyGen and the Sound of Islay projects underlines Scotland's position as the world's leading tidal power region and reflects the strong support the industry has received from the Scottish government."
Image: cable reel loading for the MeyGen project (Atlantis)