SIMEC Atlantis Energy Limited MeyGen Update
11 Fevereiro 2019 - 5:00AM
RNS Non-Regulatory
TIDMSAE
SIMEC Atlantis Energy Limited
11 February 2019
11 February 2019
SIMEC ATLANTIS ENERGY LIMITED
("Atlantis", the "Company" or the "Group")
MeyGen Update
SIMEC Atlantis Energy Limited ("Atlantis"), a diversi ed
sustainable energy generation company, is pleased to announce that
it has today awarded a contract to subsea engineering specialists
ETA Limited for the manufacture and delivery of the world's most
advanced subsea tidal turbine connection system which will underpin
the MeyGen extension activities known as Project Stroma.
The subsea hub will allow multiple turbines to be connected to a
single power export cable, which will significantly reduce the
costs associated with grid connection. The length of power export
cable as well as the amount of onshore conversion equipment
required for grid connection will be significantly reduced, as will
the amount of horizontal directional drilling required and the
amount of vessel time required for cable installation.
Project Stroma will connect two additional Atlantis AR2000
turbines via the new subsea hub to a single power export cable
which will then be connected via the MeyGen substation to the
National Grid.
Management are currently exploring a number of funding options
for the capital expenditure associated with Project Stroma,
including a potential issue of the Company's first listed bond.
Drew Blaxland, Director of Turbine and Engineering Services
Division, commented:
"The Atlantis subsea hub has been designed to deliver immediate,
material reductions in the overall cost of tidal power generation.
Leveraging technologies developed for the oil & gas and
offshore wind industries, we have adapted tested products to our
new turbine design to deliver an approximate 50% reduction in the
CAPEX costs on a per turbine basis associated with turbine grid
connection compared to MeyGen Phase 1.
Further, this subsea hub has direct application to the growing
floating offshore wind market globally. An adaption of our hub will
be able to connect multiple floating offshore wind turbines in deep
water, helping this industry on its cost down trajectory."
Tim Cornelius, CEO of SIMEC Atlantis Energy, commented:
"The iconic MeyGen project is once again at the forefront of the
development of the marine energy industry in Europe. Building on
the success of our previous project specific bond issuances, we are
currently in discussion with several regulated exchanges about the
issuance of a debt instrument to fund Project Stroma which will in
turn allow us to progress our plans to secure CfD allocations for
future phases of the MeyGen project."
Enquiries:
SIMEC Atlantis Energy Limited via FTI Consulting
Tim Cornelius, Chief Executive Officer
Andrew Dagley, Chief Financial Officer
Cantor Fitzgerald Europe (Nominated
Adviser and Joint Broker) +44 (0)207 894 7000
Rick Thompson
Richard Salmond
David Porter
J.P. Morgan Cazenove (Joint Broker)
James Deal
Michael Wentworth Stanley +44 (0) 207 742 4000
FTI Consulting +44 (0)20 3727 1000
Ben Brewerton
Alex Beagley
Molly Stewart
Notes to Editors
SIMEC Atlantis Energy
SIMEC Atlantis Energy is the global developer, owner and
operator of sustainable energy projects with a diverse portfolio of
more than 1,000 megawatts in various stages of development. This
includes a 77% stake in the world's largest tidal stream power
project, MeyGen, and the conversion of the 220MW Uskmouth Power
Station.
We intend this to be the first of a number of acquisitions
aiming to transform SIMEC Atlantis into a diversified energy
Company of scale, owning development and generating assets across
the sustainable energy spectrum in Europe, Asia and Australia,
complementing our existing UK pipeline.
https://simecatlantis.com/
ETA
ETA have a global reputation as experts in subsea cable products
and services. ETA's specialist equipment, developed and designed
in-house for tailored results, is the product of a highly skilled
team and sits behind the success of many major subsea cable
projects worldwide.
http://www.eta-ltd.com/
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END
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