Atlantis Resources Limited MeyGen signs deal to combine wind and tidal power
07 July 2016 - 4:00PM
RNS Non-Regulatory
TIDMARL
Atlantis Resources Limited
07 July 2016
7 July 2016
Atlantis Resources Limited
("Atlantis" or the "Company")
MeyGen signs ground-breaking deal to combine wind and tidal
power output
Atlantis, a global leader in the tidal power sector, is pleased
to announce that an agreement has been reached between the
Company's majority owned MeyGen project and a nearby wind farm
development to facilitate access to the distribution grid for other
renewable energy projects.
The first phase of the MeyGen project was recently connected to
the 33kV Ness of Quoys distribution network and is on track to
deliver first power in the second half of 2016. The part of the
distribution network to which MeyGen is now connected is
constrained, such that there is no additional capacity for other
generators until wider transmission upgrade works are completed
over the next few years. However, as a result of the predictable
and cyclical nature of tidal generation, there is a unique
opportunity for other energy projects to gain access to the grid at
those times when the MeyGen project is not generating at maximum
output, thus facilitating increased generation in the near term
from the area's rich renewable resources.
Lochend Wind Energy Limited ("Lochend") is developing a 4
turbine wind farm close to MeyGen's onshore site in Caithness, and
Lochend has reached agreement with MeyGen to allow these wind
turbines to deliver electricity to the grid whenever the MeyGen
tidal project is not making full use of the available export
capacity. This will result in improved utilisation of the existing
grid network without affecting MeyGen's generation, and is believed
to be the first such combination of a wind and tidal project of its
kind in the UK. The arrangement is an important step in
demonstrating the feasibility of a diverse blend of sustainable
sources of generation as a long term solution to our need for
clean, predictable and secure electricity, and shows the potential
for optimising the use of existing grid infrastructure assets
through intelligent matching of different generation profiles.
Tim Cornelius, CEO of Atlantis, commented:
"We believe this to be a world first, and to show that the
predictability of generation from the tides can also benefit other
forms of renewable energy by allowing those generators to
accurately forecast and access spare grid capacity. Tidal power
makes for more efficient grid use and management, and we are
delighted to have been able to assist a local wind farm in getting
connected.
"Sharing transmission assets in this way and capitalising on the
predictability of tidal power will ensure that, in the long term,
our energy needs are better served whilst also maximising access to
a constrained network in the immediate future.
"Today's announcement demonstrates the additional value of our
secured grid capacity around the UK and the importance of tidal
power as a predictable cornerstone of a diverse and sustainable
electricity mix. Whilst we cannot claim tidal power is able to lend
the same predictability to the current political climate, we are
pleased to say that our project remains unaffected by recent
events. We also welcome the Government's acceptance of the Fifth
Carbon Budget at the level recommended by the Committee on Climate
Change, which sends a clear signal and further demonstrates the
UK's ongoing commitment in meeting its long term climate change
targets. We look forward to delivering first power to the grid
later this year."
Enquiries:
Atlantis Resources via FTI Consulting
Tim Cornelius, Chief Executive
Officer
Simon Counsell, Chief Financial
Officer
Peel Hunt LLP (Nominated Adviser +44 (0)20 7418
and Broker) 8900
Adrian Trimmings
Jock Maxwell Macdonald
Euan Brown
+44 (0)20 3727
FTI Consulting 1000
Ben Brewerton
Alex Beagley
Stephanie Blott
James Styles
Lochend Wind Energy +44 (0)7825 183837
Alex Dalton
This information is provided by RNS
The company news service from the London Stock Exchange
END
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