Atlantis, majority owner of the tidal stream energy project MeyGen, has announced that its flagship project has achieved another significant funding milestone, successfully completing all conditions required to initiate its first drawdown from its senior project finance providers, The Crown Estate and Scottish Enterprise through the Renewable Energy Investment Fund.
The major construction and supply contractors to this iconic project have commenced design, engineering and procurement works in readiness for commencement of onshore construction at the project site in Caithness in January 2015.
The Company notes the recent material decline in its share price yesterday and knows of no trading or operational reason to warrant this change, particularly given the progress with the business and the continued expectation of delivering on milestones outlined above.
Press release; Image: Atlantis Resources