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UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
UPDATED 1 Sept: The EI library in London is temporarily closed to the public, as a precautionary measure in light of the ongoing COVID-19 situation. The Knowledge Service will still be answering email queries via email , or via live chats during working hours (09:15-17:00 GMT). Our e-library is always open for members here: eLibrary , for full-text access to over 200 e-books and millions of articles. Thank you for your patience.
Giant tidal energy project signs lease, wins funding
Tidal stream energy project developer Atlantis has signed a 25-year seabed lease with the Crown Estate as part of its preparations to build what will be the world’s largest tidal stream energy project, with a generating capacity of 398 MW, MeyGen.
Atlantis recently announced that it has agreed terms with a funding syndicate for a funding package for Phase 1A of the project, which will exceed £50mn. Construction is expected to commence in Q4 2014, with first power to the grid and revenues being earned in 2016.
The Crown Estate itself has committed to invest nearly £10mn into the MeyGen tidal power development. The full funding syndicate for the first phase of the project also includes Atlantis Resources, the Department of Energy and Climate Change, Scottish Enterprise via the Renewable Energy Investment Fund (delivered by the Scottish Investment Bank) and Highlands and Islands Enterprise.
Given its location in one of the most challenging yet promising stretches of UK water, the Inner Sound tidal array project has the potential to play a crucial role in advancing technology and developing essential construction and operating experience on the path towards larger commercial schemes around the UK and worldwide.
To date, the Crown Estate has leased over 40 sites for tidal current and wave projects, and has now started the first leasing process for tidal range projects.
· However, the tidal energy company owned by German engineering giant Siemens, Marine Current Turbines (MCT), is reported to have suspended development of a planned 10 MW tidal array in Wales. The Skerries project was due to be installed between the Skerries group of rocks and islands and Carmel Head in approximately 20 to 40 m water off the north-west coast of Anglesey in North Wales. The suspension is thought to be connected with the withdrawal of a £10mn government grant under the Marine Energy Array Demonstration (MEAD) Fund.
