SIMEC Atlantis provides update on game-changing MeyGen turbine

Tidal power and vertically integrated turbine supplier SIMEC Atlantis Energy (LON: SAE) has posted an update on its MeyGen project.

MeyGen is the world’s largest multi-megawatt tidal stream array turbine, and has now blown away previously-set records for electricity generation and exportation volumes set by tidal turbines.

It has now exported 17.5GWh of electricity to the national grid, with the previous record standing at 11GWh. In 2019, it has exported in excess of 7GWh of predictable renewable energy to the grid, which is equivalent to the typical annual consumption of 2,000 UK households.

Total system availability approached 90% for the year-to-date, and reached nearly 98% in Q2 2019.

“2019 performance represents the longest period of uninterrupted generation from a multi-megawatt tidal turbine array ever achieved.” Said the Company in its statement.

SIMEC Atlantis statement

The Company’s statement then went on to discuss the financial interests and aspects of the MeyGen update,

“Phase 1A of MeyGen operates with 5 ROCs and has generated £1.85m of revenue to date this calendar year”

“MeyGen has been successfully registered for the 2019 CfD programme and management is assessing bidding strategies.”

“Management is also exploring options to establish private wire PPAs with local industrial loads to facilitate the build out of the array, which has a seabed lease for a total installed capacity of up to 398MW.”

On the update, Company CEO Tim Cornelius, commented,

“We are delighted to report the continued strong performance of the turbines at MeyGen. Uninterrupted production generates large volumes of valuable performance data which can be used to improve performance, optimise future system design and provide confidence to project financiers who will be called upon to fund our plans to expand this world-renowned project. Future phases will use the new AR2000 turbine we are proudly developing with GE and our new subsea hub which will further reduce costs and enhance efficiency.”

“The MeyGen team is currently working on several initiatives to increase the installed capacity of the project so we can exploit fully the 398MW seabed lease. Full build out would represent a capacity which is 50% higher than Dounreay, the largest nuclear station in the Highlands of Scotland.”

Investor notes

The Company’s shares are currently not trading.

Elsewhere in the renewable energy sector, there have been recent updates from; The Renewables Infrastructure Group Ltd (LON: TRIG), Tekmar Group Plc (LON: TGP) and Remote Monitored Systems PLC (LON: RMS).

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Senior Journalist at the UK Investor Magazine. Also a contributing writer at the Investment Observer, UK Property Journal and UK Startup Magazine. Postgraduate of King's College London with a specialisation in Business Ethics. Interested in Development Economics and David Hume.