Atlantis Resources lines up for renewable energy auction

10th November 2016

The UK government has set out details for the next Contracts For Difference (CFD) auction. Companies will compete for the first £290mln worth of contracts for renewable electricity projects.

Atlantis Resources Ltd has welcomed a clarification from a government department on tidal power providers' eligibility for the next round of green energy funding.

The Department for Business, Energy & Industrial Strategy set out details for the next contracts for difference (CFD) auction where companies will compete for the first £290mln worth of contracts for renewable electricity projects.

This allocation round is for less established renewable electricity technologies, including tidal power - an area in which Atlantis is a world leader - as well as offshore wind, anaerobic digestion, and biomass-fuelled combined heat and power systems..

"Whilst the removal of the previously pledged ring-fenced allocation is disappointing, the decision announced today was not unexpected and the company has a clear view of how to move its UK portfolio forward," a spokesman for Atlantis said.

The company looks forward to participating in the 2017 CFD auction with a number of its upcoming projects, and in the meantime interim it will continue discussions with UK and Scottish governments on continuing support for a sector that is fuelling growth and creating jobs.

Phase 1A of the company's MeyGen project in the Pentland Firth, which is currently under construction, benefits from the renewable obligation certificates regime and is on track to deliver first power in 2016.