Atlantis’ project MeyGen completed all conditions required to initiate the first drawdown from its senior project finance providers, The Crown Estate and Scottish Enterprise through the Renewable Energy Investment Fund, Atlantis’ press release reads.
The major construction and supply contractors to this project have commenced design, engineering and procurement works for commencement of onshore construction at the project site in Caithness in January 2015.
The equity investments in the project by Scottish Enterprise (through the Renewable Energy Investment Fund) and Atlantis value the MeyGen project on a post-money equity basis at over GBP 70 million.
Onshore construction at the Ness of Quoys project site is expected to begin in January 2015, with ABB due to start construction of the onshore infrastructure for connection to the electricity transmission grid for power export, the company said.
First power to the grid and revenues earned are expected in 2016.
MeyGen has the capacity of almost 400MW. When fully completed, the project will include 269 turbines submerged on the seabed, generating enough power for almost 175,000 homes in Scotland.
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Image: Atlantis Resources