Almost £4 million raised for company behind MeyGen project

SIMEC Atlantis Energy, the company behind the poineering MeyGen renewable energy project in the Pentland Firth, has raised almost £4 million in a successful bond issue.

The five-year bond, which was launched in August last year, raised £3.79 million and has now been closed. It was offered through Abundance Investment Limited, a regulated green peer-to-peer investment company.

Tim Cornelius, the chief executive of Atlantis, said: "We are pleased by the response to this bond issue. The proceeds will be deployed to further the successful delivery of our world-leading portfolio of renewable and sustainable energy projects.

"We are committed to providing solutions for the transition to a low-carbon economy across our marine, end-of-waste and hydro projects and we would like to thank Abundance and its investors for their continued support. We look forward to delivering strong financial success for all our stakeholders."

SIMEC Atlantis Energy is the global developer, owner and operator of sustainable energy projects with a portfolio of approximately 1000 megawatts in various stages of development. These include a 77 per cent stake in the world’s largest tidal stream power project, MeyGen, and 100 per cent ownership of the 220MW Uskmouth power station conversion project.

Atlantis recently acquired the operations and management division of Green Highland Renewables, a leading developer and operator of hydro projects throughout the UK.

The MeyGen tidal array scheme achieved a world first last year when it recorded the longest period of uninterrupted electricity generation ever reached. It exported 24.7 gigawatt hours (GWh) of energy – equivalent to the average annual needs of around 3800 homes – and generated £3.9 million in 2019.

By the end of last year, phase 1A of MeyGen generated total revenues of £7.1 million.

Do you want to respond to this article? If so, click here to submit your thoughts and they may be published in print.