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Atlantis seeks €10m EIB loan

Cash hunt for MeyGen Phase 1B tidal site

Atlantis seeks €10m EIB loan image

Atlantis Resources is in line for an €10m European Investment Bank loan to finance the next phase of its flagship MeyGen tidal array in the Pentland Firth.

The company has applied to the Luxembourg headquartered institution for funding for its 6MW MeyGen Phase 1B, also known as Project Stroma.

Construction of the €57m four-turbine array is scheduled for the autumn with full operations in 2018.

Phase 1B is already backed with a €20.3m Horizon 2020 grant codenamed Demotide.

The project is also the recipient of a €16.78m NER300 award originally allocated to Marine Current Turbines in 2012 for the defunct Kyle Rhea project.

Image: MeyGen Phase 1A (Atlantis)

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