Atlantis Resources Closing In On Turbine Deal For Pentland Firth

25th July 2014

Atlantis Resources has signed a turbine supply contract with Andritz Hydro Hammerfest for its Scottish tidal current energy project, MeyGen.

Andritz will supply three 1.5Mw tidal power turbines for Phase 1A of the project in the Pentland Firth while Atlantis will also use one of its own 1.5MW turbines.

Contract commencement is contingent on achieving financial close.

Atlantis said it continues to work closely with all relevant financing and contracting parties to reach financial close for Phase 1A of MeyGen.

When built, MeyGen will be the world's largest tidal energy operation.

Tim Cornelius, the chief executive of Atlantis Resources (LON:ARL), recently confirmed that both the Scottish and UK governments are lending their financial backing to the MeyGen Project off the north coast of Scotland. The AIM-listed company is putting the finishing touches to a financing deal that will fund the construction of what is set to be the world's largest tidal energy operation. Cornelius says he is not worried about the possibility of Scottish Independence as both governments are equally supportive of the project as the upcoming financing will prove.