11 July 2018
SIMEC Atlantis Energy Limited (“Atlantis” or the “Company”)
MeyGen Phase 1A Operational Update
Atlantis, the majority shareholder of the world’s flagship tidal power project MeyGen, announces that the project operators plan to retrieve two of the Andritz Hammerfest Hydro (“AHH”) turbines during this month for inspection and maintenance by the turbine supplier following diagnosis of a generator fault by the onboard monitoring systems. The turbines, both of which are covered under warranty, will be inspected onshore and, subject to confirmation of the fault diagnosis, the repairs are expected to be completed within approximately two months. The remaining AHH turbine and Atlantis’ own AR1500 turbine continue to generate electricity.
At 6MW rated capacity, MeyGen is the world’s largest tidal stream array and has 392MW of further development capacity under its seabed lease. The project formally completed its construction and commissioning phase in March 2018 and is currently in the warranty period. MeyGen has generated over 8GWh of energy to the grid to date. The array also exported a world record 1.4GWh of electricity to the grid in a single month this year, which would have satisfied the electrical requirements of 5420 average UK homes during that month.
|SIMEC Atlantis Energy||via FTI Consulting|
|Tim Cornelius, Chief Executive Officer|
|Andrew Dagley, Chief Financial Officer|
|Cantor Fitzgerald Europe
(NOMAD and Joint Broker to Atlantis)
|+44 (0)20 7894 7000|
|Macquarie Capital (Europe) Limited
(Joint Broker to Atlantis)
|+44 (0)20 3037 2000|
|FTI Consulting||+44 (0)20 3727 1000|
SIMEC Atlantis Energy Limited is a vertically integrated project developer and power generation equipment supplier in the global sustainable energy generation industry. The Atlantis group holds equity positions in a diverse portfolio of tidal stream development projects, which includes a stake of 77% in MeyGen Limited, the company developing the world’s largest tidal stream project. In addition, Atlantis is pursuing a number of marine power project opportunities in France, South Korea and Indonesia to complement its UK pipeline and is diversifying into other areas of sustainable energy. Notably, Atlantis is the owner of the proposed 220MW conversion project as the Uskmouth power station in Newport, Wales. Atlantis intends to convert the power station from coal to a waste derived energy pellet and commencement of the conversion works is expected in 2019.