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Atlantis Resources (ARL)

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Thursday 07 July, 2016

Atlantis Resources

MeyGen signs deal to combine wind and tidal power

RNS Number : 4606D
Atlantis Resources Limited
07 July 2016
 

7 July 2016

Atlantis Resources Limited

("Atlantis" or the "Company")

 

MeyGen signs ground-breaking deal to combine wind and tidal power output

 

Atlantis, a global leader in the tidal power sector, is pleased to announce that an agreement has been reached between the Company's majority owned MeyGen project and a nearby wind farm development to facilitate access to the distribution grid for other renewable energy projects. 

 

The first phase of the MeyGen project was recently connected to the 33kV Ness of Quoys distribution network and is on track to deliver first power in the second half of 2016.  The part of the distribution network to which MeyGen is now connected is constrained, such that there is no additional capacity for other generators until wider transmission upgrade works are completed over the next few years.  However, as a result of the predictable and cyclical nature of tidal generation, there is a unique opportunity for other energy projects to gain access to the grid at those times when the MeyGen project is not generating at maximum output, thus facilitating increased generation in the near term from the area's rich renewable resources.

 

Lochend Wind Energy Limited ("Lochend") is developing a 4 turbine wind farm close to MeyGen's onshore site in Caithness, and Lochend has reached agreement with MeyGen to allow these wind turbines to deliver electricity to the grid whenever the MeyGen tidal project is not making full use of the available export capacity.  This will result in improved utilisation of the existing grid network without affecting MeyGen's generation, and is believed to be the first such combination of a wind and tidal project of its kind in the UK.  The arrangement is an important step in demonstrating the feasibility of a diverse blend of sustainable sources of generation as a long term solution to our need for clean, predictable and secure electricity, and shows the potential for optimising the use of existing grid infrastructure assets through intelligent matching of different generation profiles.

 

Tim Cornelius, CEO of Atlantis, commented:

 

"We believe this to be a world first, and to show that the predictability of generation from the tides can also benefit other forms of renewable energy by allowing those generators to accurately forecast and access spare grid capacity. Tidal power makes for more efficient grid use and management, and we are delighted to have been able to assist a local wind farm in getting connected.

 

"Sharing transmission assets in this way and capitalising on the predictability of tidal power will ensure that, in the long term, our energy needs are better served whilst also maximising access to a constrained network in the immediate future.

 

"Today's announcement demonstrates the additional value of our secured grid capacity around the UK and the importance of tidal power as a predictable cornerstone of a diverse and sustainable electricity mix. Whilst we cannot claim tidal power is able to lend the same predictability to the current political climate, we are pleased to say that our project remains unaffected by recent events. We also welcome the Government's acceptance of the Fifth Carbon Budget at the level recommended by the Committee on Climate Change, which sends a clear signal and further demonstrates the UK's ongoing commitment in meeting its long term climate change targets. We look forward to delivering first power to the grid later this year."

 

 

Enquiries:

 

Atlantis Resources

via FTI Consulting

Tim Cornelius, Chief Executive Officer


Simon Counsell, Chief Financial Officer

 


Peel Hunt LLP (Nominated Adviser and Broker)

+44 (0)20 7418 8900

Adrian Trimmings

Jock Maxwell Macdonald

Euan Brown

 


FTI Consulting

+44 (0)20 3727 1000

Ben Brewerton

Alex Beagley

Stephanie Blott

James Styles

 


Lochend Wind Energy

+44 (0)7825 183837

Alex Dalton


 


This information is provided by RNS
The company news service from the London Stock Exchange
 
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