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MeyGen Operational Update

The information contained in this announcement is inside information under the Market Abuse Regulation (EU) No 596 / 2014. The person responsible for arranging the release of this announcement on behalf of SIMEC Atlantis Energy Limited is Tim Cornelius, Chief Executive Officer of SIMEC Atlantis Energy Limited.

10 July 2019

SIMEC ATLANTIS ENERGY LIMITED
(“Atlantis” or the “Company”)
MeyGen Operational Update

 SIMEC Atlantis Energy Limited, the global developer, owner and operator of sustainable energy projects, is pleased to announce an operational update for MeyGen, the world’s largest multi-megawatt tidal stream array.

Highlights

  • MeyGen has now exported 17.5GWh of electricity to the national grid, eclipsing the previous record of approximately 11GWh
  • In 2019 alone, MeyGen has exported over 7GWh of predictable renewable energy to the grid, equivalent to the average annual electricity consumption of over 2,200 typical UK homes
  • Phase 1A of MeyGen operates with 5 ROCs and has generated £1.85m of revenue to date this calendar year
  • Total system availability, a key performance metric, is approaching 90% for 2019 to date and during Q2 2019 was recorded at almost 98%
  • 2019 performance represents the longest period of uninterrupted generation from a multi-megawatt tidal turbine array ever achieved
  • 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

Tim Cornelius, CEO of Atlantis, 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.”

Enquiries:

SIMEC Atlantis Energy Limited via FTI Consulting
Tim Cornelius, Chief Executive Officer

Andrew Dagley, Chief Financial Officer

Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker) +44 (0)20 7894 7000
Rick Thompson

Richard Salmond

David Porter

J.P. Morgan Cazenove (Joint Broker)             

James Deal

Michael Wentworth Stanley

+44 (0)20 7742 4000
 

FTI Consulting

 

+44 (0)20 3727 1000

Ben Brewerton

James Styles

Molly Stewart

 

Notes to Editors

SIMEC Atlantis Energy 

 SIMEC Atlantis Energy is the global developer, owner and operator of sustainable energy projects with a diverse portfolio of more than 1,000 megawatts in various stages of development. This includes a 77% stake in the world’s largest tidal stream power project, MeyGen, and 100% ownership of the 220MW Uskmouth power station conversion project

www.simecatlantis.com