Atlantis Reaches Agreement on Final Pricing for MeyGen Phase 1A

Atlantis, a vertically integrated owner of the world’s largest planned tidal current energy project, MeyGen, and tidal energy equipment supplier announces that after a lengthy negotiation process, agreement has now been reached on final pricing and terms with each of the following contractors to the project in readiness for execution of all contracts for the construction of Phase 1A of the MeyGen project.

·     ABB Limited, for civil works and onshore electrical equipment supply;

·     Andritz Hydro Hammerfest and Atlantis, for turbine supply;

·     Robert Bird Group, Global Energy Group and  JGC Engineering & Technical Services
Limited, for the design and supply of the turbine foundation;

·     James Fisher Marine Services Limited, for the offshore construction works, including
installation of the subsea cables, foundations and turbines;

·     JDR Cable Systems Limited, for the subsea cable supply;

·     O’Connor Utilities Limited, for the directional drilling of cable bores from the onshore site
to the seabed.

The MeyGen project, which was originated by Atlantis, is located in the Inner Sound of the Pentland Firth in Scotland and is the largest planned free stream tidal energy project in the world.  The first 86MW of the project, Phase 1, was awarded consent by the Scottish government in 2013, and the site as a whole has a full potential of almost 400MW of tidal generating plant – equivalent to 265 1.5MW tidal turbines.  Grid capacity has been secured which ensures that the clean energy produced can be exported to domestic and commercial users, powering the equivalent of 42,000 Scottish homes and offsetting an estimated 122,455 tonnes of CO2 annually during Phase 1 alone.

Atlantis continues to work closely with all relevant financing and contracting parties to reach financial close for Phase 1A of MeyGen, which is expected shortly.

Press Release, July 16, 2014