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Released August 28, 2014 | GALWAY, IRELAND
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Written by Martin Lynch, European News Editor for Industrial Info (Galway, Ireland)--Europe's largest tidal energy project, Meygen, has secured funding for the construction of the first phase of the scheme in the Pentland Firth, Scotland.
The news comes a week after Industrial Info reported on Swiss engineering company ABB Limited (NYSE:ABB) (Zurich, Switzerland) being chosen by the developer, Atlantis Resources Limited (Edinburgh, Scotland), to provide onshore grid connection services for Meygen. For additional information, see August 21, 2014, article--Europe's Largest Tidal Scheme Finds Grid Partner.
The project has raised 64 million ($84 million) through a funding syndicate comprising the U.K.'s Department of Energy & Climate Change (DECC), Scottish Enterprise via the Renewable Energy Investment Fund, Highlands and Islands Enterprise, The Crown Estate, and Atlantis Resources. The money is enough to get the project underway and will involve deploying four submerged turbines with a combined generating capacity of 6 megawatts (MW) installed in the Inner Pentland Firth just north of Caithness, Scotland. There was more good news days later, when an extra funding boost of 9.4 million ($12.4 million) from the Energy Technologies Institute was announced. This will allow for the expansion of the demonstration phase with the addition of two more 1.5-MW tidal nacelles, bringing the total capacity to 9 MW.
Construction will begin later this year and first power is expected in 2016. The initial phase of the project will see 61 turbines deployed with the potential to generate up to 86 MW of electricity, enough to power 42,000 homes - or 40% of all the homes in the Scottish Highlands. Over the coming decade, the developer aims to deploy up to 269 turbines which will generate 398 MW of electricity, enough to power 175,000 homes.
"This innovative and exciting project puts Scotland and the U.K. 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," commented U.K. Energy Secretary, Ed Davey. "Meygen will be the biggest tidal stream array in the world, providing enough electricity for 175,000 homes and 100 'green jobs' when completed. Wave and tidal power have the potential to provide more than 20% of the U.K.'s electricity needs, and Meygen could pave the way for future projects in the Pentland Firth."
Atlantis Chief Executive Officer and MeyGen Director, Tim Cornelius, added: "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."
View Project Report - 78000528 300034476
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
The news comes a week after Industrial Info reported on Swiss engineering company ABB Limited (NYSE:ABB) (Zurich, Switzerland) being chosen by the developer, Atlantis Resources Limited (Edinburgh, Scotland), to provide onshore grid connection services for Meygen. For additional information, see August 21, 2014, article--Europe's Largest Tidal Scheme Finds Grid Partner.
The project has raised 64 million ($84 million) through a funding syndicate comprising the U.K.'s Department of Energy & Climate Change (DECC), Scottish Enterprise via the Renewable Energy Investment Fund, Highlands and Islands Enterprise, The Crown Estate, and Atlantis Resources. The money is enough to get the project underway and will involve deploying four submerged turbines with a combined generating capacity of 6 megawatts (MW) installed in the Inner Pentland Firth just north of Caithness, Scotland. There was more good news days later, when an extra funding boost of 9.4 million ($12.4 million) from the Energy Technologies Institute was announced. This will allow for the expansion of the demonstration phase with the addition of two more 1.5-MW tidal nacelles, bringing the total capacity to 9 MW.
Construction will begin later this year and first power is expected in 2016. The initial phase of the project will see 61 turbines deployed with the potential to generate up to 86 MW of electricity, enough to power 42,000 homes - or 40% of all the homes in the Scottish Highlands. Over the coming decade, the developer aims to deploy up to 269 turbines which will generate 398 MW of electricity, enough to power 175,000 homes.
"This innovative and exciting project puts Scotland and the U.K. 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," commented U.K. Energy Secretary, Ed Davey. "Meygen will be the biggest tidal stream array in the world, providing enough electricity for 175,000 homes and 100 'green jobs' when completed. Wave and tidal power have the potential to provide more than 20% of the U.K.'s electricity needs, and Meygen could pave the way for future projects in the Pentland Firth."
Atlantis Chief Executive Officer and MeyGen Director, Tim Cornelius, added: "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."
View Project Report - 78000528 300034476
Industrial Info Resources (IIR), with global headquarters in Sugar Land, Texas, three offices in North America and 10 international offices, is the leading provider of global market intelligence specializing in the industrial process, heavy manufacturing and energy markets. Industrial Info's quality-assurance philosophy, the Living Forward Reporting Principle, provides up-to-the-minute intelligence on what's happening now, while constantly keeping track of future opportunities.
