Business
MeyGen signs seabed lease
MeyGen signs seabed lease.
About this update from Ampeak Energy Limited
[{"type":"text","content":"\n \nRNS Number : 3658R Atlantis Resources Limited 11 September 2014 \n \n\n11 September 2014\n \nATLANTIS RESOURCES LIMITED\n(\"Atlantis\" or the \"Company\")\n \nMeyGen Project Signs the UK's Largest Marine Energy Lease\nAtlantis, owner of the world's largest planned tidal stream energy project, MeyGen, announces that it has signed a 398MW, 25-year seabed lease with The Crown Estate.\n \nThe lease was secured after MeyGen satisfied the extensive development obligations contained within its five-year Agreement for Lease (\"AfL\"), which was signed in October 2010. It is the largest marine energy Lease to be awarded by The Crown Estate and is the first in The Pentland Firth and Orkney Waters region.\n\nAtlantis recently announced that it has agreed terms with a funding syndicate for a funding package for Phase 1A of the MeyGen project which will exceed £50 million. Construction is expected to commence in Q4 2014 with first power to the grid and revenues being earned in H1 2016.\nDan Pearson, Chief Executive of MeyGen, commented:\n \n\"Signing the Lease with The Crown Estate is a significant achievement being the first of its kind and demonstrates how a commercial scale energy project can be designed, consented, engineered and funded within four years. This is the culmination of a talented and committed team working alongside stakeholders and governments who are determined to launch a new energy sector within Scotland and the UK. We are thankful to all who have helped us along the journey and look forward to delivering the first phase.\"\nRonnie Quinn, Head of Ocean Energy, The Crown Estate said:\n\"Our commitment to invest in and agree a lease for the Meygen project continues our strategy to explore tidal stream energy on a commercial scale and its potential to help unlock the nation's tidal energy resources over the long-term.\"\n \nFor further information please contact:\n \n\n\n\n\nAtlantis Resources Limited \n\n\nvia FTI Consulting\n\n\n\n\nTim Cornelius, Chief Executive Officer\n\n\n\n\n\n\n\nDuncan Black, Chief Financial Officer\n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nPeel Hunt LLP (Nominated Adviser and Broker)\n\n\n+44 (0) 20 7418 8900\n\n\n\n\nDaniel Harris / Andy Crossley \n\n\n\n\n\n\n\n\n\n\n\n\n\n\n\nFTI Consulting\n\n\n+44 (0) 20 3727 1000\n\n\n\n\nBen Brewerton / Alex Beagley / Ste...