SIMEC Atlantis Energy secures four CfD contracts, bolsters MeyGen Site with £198/MWh

SIMEC Atlantis Energy Limited (SAE) announced its successful procurement of four Contracts for Difference (CfD) for its MeyGen site, at a guaranteed rate of £198 per MWh for 15 years, effective from March 31, 2028. This development comes on the heels of the 28MW the company secured in the AR4 round in July 2022. The newly acquired contracts will not only enhance the project’s economies of scale but will also mitigate the financial challenges posed by inflation for those who succeeded in the 2022 allocation.

The contracts will enable SIMEC Atlantis Energy to produce approximately 22MW of clean, domestically-sourced, and predictable power at its MeyGen site in Scotland. In total, SIMEC Atlantis Energy aims to achieve a 50MW tidal stream array, adding to the existing 6MW operation. This scale-up corresponds to powering over 65,000 homes per year via tidal energy. To achieve this goal, the company is in advanced talks with a consortium of global manufacturing and engineering firms to deploy 3MW turbines, the most potent tidal turbines ever to be used.

The accomplishment was made possible through the robust support from SIMEC Atlantis Energy shareholders, stakeholders, and project partners. While this is a significant step for both the project and the tidal energy sector at large, SIMEC Atlantis Energy emphasized the necessity of continued progress. The company is keen to collaborate with all stakeholders in upcoming auction rounds to unlock the MeyGen site’s full potential, along with that of the broader industry.