'Business as usual' at MeyGen despite concerns over shareholder
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AN assurance has been given about the MeyGen tidal energy project and its staff despite concerns over one of its shareholders.
Sean Parsons, director of external affairs for parent company, Simec Atlantis Energy (SAE), said it is "business as usual " for the pioneering scheme in the Pentland Firth.
He explained that almost 43 per cent of SAE's shares are owned by Simec UK Energy Holdings Ltd, a member of the GFG (Gupta Family Group) Alliance which owns aluminium and steel plants and has investments around the world. It is reported that a receiver has been appointed for the SUEH shares although that is disputed by SAE. "We are awaiting the outcome of that," said Mr Parsons.
But he stressed that whatever happens will not impact on MeyGen as the shares would likely be transferred to another company or institution.
"It is business as usual as far as MeyGen and its staff are concerned. Our focus is on delivering this project and getting phase 2 over the line. We want to go from six turbines in the water to 86 and get these turbines built at Nigg in easter Ross. What is going on with the shareholder is unfortunate but will not impact on our focus. This is an exciting time for us," he told the John O' Groat Journal.
Mr Parsons said phase 2 is awaiting the outcome of its Contract for Difference bid which has submitted to the UK Government. If successful. it will help fund the next stage and give a guaranteed price for the electricty. A decision is expected to be made later in the summer. Simec wanted phase 2 to be considered by the UK government in the next round of the contracts for difference schemes, which enable companies to stabilise their revenues at a pre-agreed level.
"We think we have made a strong case to the government and hope this will unlock phase 2 of the MeyGen project which will bring benefits to Caithness, Scotland the UK and establish us as a world leader in the technology," added Mr Parsons.
