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Atlantis Secures MeyGen PPA

9 September 2014
 
Atlantis Resources has signed a 10-year power purchase agreement with SmartestEnergy for the MeyGen tidal stream project in Scotland’s Pentland Firth. The agreement could be worth more than £50m and will provide revenues for the power generated and exported to the grid under the first four-turbine, 6MW phase of the project through to 2025. It also covers additional benefits paid to renewable generators including five Renewable Obligation Certificates per megawatt-hour. MeyGen chief executive Dan Pearson said the deal was “an important step forward for MeyGen and its backers”. He said: “The agreement with SmartestEnergy will secure the long-term revenues which will demonstrate the commercial viability of the project and also highlight the wider potential of tidal stream generation to become a significant industry.” SmartestEnergy generation sales manager Iain Robertson added: “This is a landmark deal for the marine renewables sector in Scotland and underlines the commercial potential of the industry that developers are now starting to exploit. “Given the innovative nature of the MeyGen project and the involvement of many different public and private sector funders, structuring the agreement was quite complex and time-consuming but everyone involved worked hard to secure a positive outcome.” Construction on MeyGen, which could eventually have up to 269 turbines, is expected to start before year-end with first power to the grid and revenues being earned in the first half of 2016. The agreement with SmartestEnergy comes shortly after Atlantis Resources clinched a £50m funding package for the scheme. MeyGen also recently signed a 398MW, 25-year seabed lease with the Crown Estate, the largest marine energy lease to be awarded by the body.
 

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