E.C. approves transfer of funding from Kyle Rhea tidal turbine array to Atlantis' 398-MW MeyGen

MeyGen Tidal Turbine

The European Commission's Climate Change Committee has approved a transfer of US$19.3 million in funding for tidal energy developer Atlantis Resources from the Kyle Rhea project to its 398-MW MeyGen project.

The financing was originally awarded to developer Marine Current Turbines (MCT) for the Kyle Rhea project, which was an 8 MW tidal stream array planned near Scotland's Isle of Skye.

However, Atlantis Resources struck an all-shares deal to acquire MCT from Siemens AG this past May, which had in turn purchased the majority stake in the company in February 2012.

Atlantis Resources said the transferred funds will be used to expedite development of the MeyGen array's second phase, called "Project Stroma".

"Construction of MeyGen Phase 1A continues apace with first generation scheduled for next year," Atlantis CEO Tim Cornelius said. "The Phase 1B funding announced today will accelerate the rate of development at the MeyGen site, and we expect to commence construction of Project Stroma before the end of 2016."

The EC funding will be disbursed in two installments, with the first tranche of $11.4 million to be made available April 1, 2016, and the remainder at a later unspecified date.

The MeyGen project is located in Scotland's Pentland Firth. HydroWorld.com reported in September that James Fisher Marine Services Ltd. had completed laying four subsea cables at the site.

For more marine and hydrokinetics (MHK) news, visit here.

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