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SIMEC Atlantis Energy redeploys turbines at MeyGen, completes sale of Canadian JV stake

The group said since reinstalling the 1.5MW turbines the MeyGen project has exceeded 10,000MWh of cumulative generation

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Two turbines were retrieved for modification work after initial operations

SIMEC Atlantis Energy Ltd (LON:SAE) has completed the redeployment of two turbines at the MeyGen tidal energy project in Scotland along with the sale of its 50% stake in a Canadian joint venture.  

The group said since reinstalling the 1.5MW turbines, which were retrieved for modification work after initial operations, the MeyGen project has exceeded 10,000MWh of cumulative generation and continues to set new records for tidal stream arrays.  

READ: SIMEC Atlantis Energy gets €1mln EU grant agreement to support turbine development programme

"Yet again, we have demonstrated that we can work in all weather conditions, deploying turbines quickly and most importantly, safely,” said Drew Blaxland, director of the Atlantis Turbines and Engineering Services unit.

“I am immensely proud of our team, our operational partners and the crew onboard the Seabed Stingray. "

In a separate announcement, the company said it had sold its remaining stake in the Atlantis Operations (Canada) Limited (AOCL) joint venture at the FORCE facility in Nova Scotia to partner DP Energy for C$400,000. Following completion, AOCL will be renamed to become Rio Fundo Operations Canada Ltd.

READ: Atlantis Resources set to sell its stake in Canadian joint venture to partner DP Energy

SIMEC said the disposal will allow it to focus its resources on other opportunities in the UK, France and Asia while DP Energy can turn its attention to the development on the tidal stream industry in Nova Scotia.

"I am pleased that we have been able to agree on this sale with DP Energy. They have experience and presence in Canada and are well suited to deliver a project in Nova Scotia,” said SIMEC chief executive Tim Cornelius.

“This transaction returns value to our shareholders and allows us to focus on the exciting opportunities across the SIMEC group." 

Quick facts: SIMEC Atlantis Energy

Price: 11.5 GBX

AIM:SAE
Market: AIM
Market Cap: £49.34 m
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