Mojo Maritime and James Fisher Marine Services Ready For Meygen's Inner Sound Tidal Project

20th October 2014

Mojo Maritime has signed a contract with James Fisher Marine Services (JFMS) which will see them provide significant marine operational and engineering expertise to the construction phase of the MeyGen Inner Sound tidal project.

Over the next two years, Mojo will work closely with JFMS carrying out the detailed design, planning and execution of the subsea cable, foundation and turbine installation.

Richard Parkinson, Mojo's Managing Director, said;"The MeyGen Inner Sound project represents a step change in the tidal energy industry and Mojo is delighted to be continuing its involvement. We are particularly pleased to be working with James Fisher Marine Services with whom we have an excellent relationship. Together, we are looking forward to delivering the world's largest commercial tidal array."

Offshore installation activities for the construction of the first phase (Phase 1A) of MeyGen's 398MW tidal array project in the Pentland Firth, Scotland, includes the installation of 4 X 1.5 megawatt turbines, support structures and export cables.

Commenting on the partnership, Alan Heslop, JFMS project manager, said; "We are extremely pleased to be working with our key partner Mojo in this exciting tidal energy project. As MeyGen’s supply chain partner for the offshore marine installation element, this agreement with Mojo will enable us to provide our considerable marine operational expertise underpinned by their specialist marine project management support for the successful installation of the tidal array."

The 398MW MeyGen Project is 86.5 per cent owned by Atlantis Resources, and 13.5 per cent owned by Scottish Enterprise. Construction is expected to commence later this year with first power to the grid in 2016.

Earlier News - 18 September 2014
£51 million MeyGen Financial Close Completed
ATLANTIS RESOURCES LIMITED
Atlantis, owner of the world’s largest planned tidal stream energy project, MeyGen Limited ("MeyGen"), is pleased to announce that all conditions have been satisfied under the terms of the funding package announced on 21 August 2014 to enable the drawdown of funding for the project. Financing to fully fund Phase 1A of the MeyGen project has now been fully committed and funds will be released to suppliers and construction contractors to enable the commencement of construction.
A total of £51.3 million has been secured from syndicate members comprising the UK government, through the Department of Energy and Climate Change (“DECC”), Scottish Enterprise, Highlands and Islands Enterprise (“HIE”), The Crown Estate (“TCE”) and Atlantis.
Of the total financing package, an aggregate of £17.5 million is in the form of senior project finance funding, comprising a £7.5 million project finance debt facility from Scottish Enterprise through its Renewable Energy Investment Fund (“REIF”) administered by the Scottish Investment Bank, and £10.0 million of funding from TCE. A further £13.3 million is being provided in the form of direct grants to MeyGen from DECC and HIE.
The balance of £20.5 million is being provided as cash equity investment into Tidal Power Scotland Holdings Limited, the holding company of MeyGen, which has been established to invest in MeyGen and other tidal power projects in Scotland. Of this equity investment, £10.8 million is to be subscribed by Atlantis with Scottish Enterprise, through REIF, having committed to subscribe the balance of equity amounting to £9.7 million, with all such equity to be subscribed in a series of tranches over the coming months.
Once all of this equity has been subscribed, Atlantis’s holding in MeyGen will be 86.5 per cent and Scottish Enterprise’s holding, as a new shareholder, will be 13.5 per cent.
The first stage (Phase 1A) of the project will comprise the installation of four 1.5 megawatt turbines offshore as well as the construction of the onshore infrastructure to support the project.
Three of the turbines will be supplied by Andritz Hydro Hammerfest and one Lockheed Martin-designed turbine supplied by Atlantis
Construction is expected to commence in Q4 2014 with first power to the grid and revenues earned in H1 2016.
Also, Atlantis is pleased to announce that MeyGen recently signed a ten year Power Purchase Agreement with Smartest Energy that will guarantee revenue for the project, both for the electricity supplied to the grid and the 5 Renewable Obligation Certificates that the project will receive for each Megawatt Hour of electricity generated.