3
September 2024
SIMEC Atlantis Energy
Limited
("SAE
Renewables", "SAE" or the "Company")
SAE secures support to
deliver more capacity at the world leading MeyGen
project
SAE is pleased to announce that it
has secured a Contract for Difference ("CfD") in the latest
Allocation Round ("AR"), for the world leading MeyGen site. These
CfD contracts, which guarantee 172 (£/MWh), for 15 years from
31st March 2029, the target commissioning date, will
allow SAE to increase the size of the MeyGen 2 development by
c.9MW, enabling more clean, home-sourced, predictable energy to be
generated at its MeyGen site in Scotland.
As previously announced, on 8
September 2023, SAE has already secured contracts for 50MW in AR4
and AR5, and this further success in AR6 will bring the total
project under development to 59MW.
This next phase is in addition to
the 6MW already operational at the site. MeyGen has so far produced
66GWh of energy, more than all other tidal stream sites in the
world combined, clearly demonstrating that MeyGen is the world's
number one site for tidal stream power.
To deliver the 59 MW project, SAE is
in advanced discussions with global manufacturing and engineering
firms. These non-binding discussions are progressing well, and SAE
will provide further updates as and when appropriate.
Graham Reid, CEO of SAE Renewables,
commented:
"The scale and opportunity that
MeyGen represents for the industry the supply chain, our
stakeholders and the wider United Kingdom, is significant and we
will work with all involved to ensure its success."
This announcement contains inside information as defined in
Article 7 of the EU Market Abuse Regulation No 596/2014, as it
forms part of United Kingdom domestic law by virtue of the European
Union (Withdrawal) Act 2018, as amended, and has been announced in
accordance with the Company's obligations under Article 17 of that
Regulation.
- Ends -
For
further information, please contact:
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SAE
Renewables
Sean Parsons, Director of External
Affair
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+44
(0)7739 832 446
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Strand Hanson Limited (Nominated and Financial
Adviser)
Richard Johnson
Rory Murphy
David Asquith
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+44 (0)20
7409 3494
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Zeus Capital Limited (Broker)
Louisa Waddell
Simon Johnson
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+44 (0)20
3829 5000
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Notes to Editors
SAE Renewables is a global
developer, owner and operator of sustainable energy projects and as
a result is proud to have received the London Stock Exchange's
Green Economy Mark. SAE owns the world's flagship tidal stream
project, MeyGen. SAE is also the owner of the Uskmouth Power
Station site that is being repurposed into a sustainable energy
park, initially housing one of the UK's largest battery energy
storage projects. https://www.saerenewables.com/
