Atlantis swallows MeyGen

Atlantis swallows MeyGen image

Atlantis Resources Corporation has bought 100% of the shares of tidal project developer MeyGen Ltd.

The Singapore-based turbine company acquired the MeyGen shares it did not already own from GDF Suez and Morgan Stanley.

“Atlantis sees this as an ideal time to increase its investment in the MeyGen project,” the company said. “Having recently secured offshore planning consents, key elements of the project have now been significantly de-risked.”

Atlantis will operate MeyGen as a standalone business by “maintaining its plan and its team’s sole focus” of deploying up to six tidal turbines in the Pentland Firth in 2015/16. MeyGen holds consent for 86MW in the Inner Sound tidal rip off north Scotland.

Atlantis and MeyGen “continue to work closely with the Scottish Government, DECC, Crown Estate, key stakeholders, and other contractors,” the companies said in a statement.

Image: Atlantis’ AR-1000 tidal turbines (Atlantis)


Source: By reNews
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