Business
MeyGen Project Financing Package Agreed
MeyGen Project Financing Package Agreed.
About this update from Ampeak Energy Limited
[{"type":"text","content":"\n \nRNS Number : 7864P Atlantis Resources Limited 21 August 2014 \n \n\n21 August 2014\n \nATLANTIS RESOURCES LIMITED\n(\"Atlantis\" or the \"Company\")\n \nMeyGen Project Financing Package Agreed for Phase 1A\n \nAtlantis, owner of the world's largest planned tidal stream energy project, MeyGen, announces that it has agreed terms with a funding syndicate for a funding package for Phase 1A of the MeyGen project. \n \n· Total project funding package, which is a combination of equity, debt and grant, will exceed £50m\n \n· The conditions to be met across the funding syndicate for the release of funds are expected to be satisfied shortly\n \n· More details on the structure of the funding package are expected to be released when appropriate once these conditions have been satisfied\n \n· Funding syndicate members comprise the UK Government through the Department of Energy & Climate Change, Scottish Enterprise via the Renewable Energy Investment Fund (\"REIF\") Highlands & Islands Enterprise, the Crown Estate, and Atlantis\n \n· The equity investment by Scottish Enterprise via the Renewable Energy Investment Fund values the MeyGen Project at £51 million \n \n· Construction is expected to commence in Q4 2014 with first power to the grid and revenues earned in H1 2016\n \n· MeyGen is the largest permitted tidal energy project in the world with a current planned capacity of 398MW\n \n· The first stage (Phase 1A) of the project will include the installation of 4 x 1.5 megawatt turbines offshore as well as the construction of all onshore infrastructure to support the project, including a substation, a grid connection and the installation of power export cables\n \n· Phase 1A will utilise four 1.5 megawatt turbines, three supplied by Andritz Hydro Hammerfest and one Lockheed Martin-designed turbine supplied by Atlantis\n \n· MeyGen will be the world's first commercial-scale multi-turbine tidal energy project to come on stream, with first power targeted for H1 2016\n \n· &nb...