With our support, MeyGen's groundbreaking tidal energy project has the potential to be a ‘game-changer’ for Scotland and for the global renewables industry.
Atlantis Resources have officially unveiled their MeyGen tidal energy project in the Pentland Firth - making Scotland home to the world's first large scale tidal energy scheme.
The project will generate clean, predictable, green electricity and position Scotland as the world leader in marine energy generation.
The first phase of the project will consist of 86 turbines generating 86MW, creating new jobs and adding £275 million to Scotland's economy.
Supporting marine energy in Scotland
The MeyGen project, with the 200 tonne turbines assembled at Nigg Energy Park, has been suppoorted by the Scottish Investment as part of an overall funding package worth £51.3 million to progress the project.
That funding has helped MeyGen become a landmark project for the global marine energy sector.
Surge of activity
As part of the first phase, four giant underwater turbines will deliver enough clean energy to power 3,000 homes.
The Meygen project is a flagship investment for the Renewable Energy Investment Fund, delivered by SIB on behalf of the Scottish Government, and today's unveiling marks a significant step in the development of Scotland’s renewables sector. This project solidifies Scotland’s place as a world leader in the development, deployment and commercialisation of tidal energy.
Kerry Sharp, Scottish Investment Bank
Two hundred and sixty nine turbines will eventually be installed on the MeyGen project site, producing 398MW – enough to power 175,000 homes and support more than 100 jobs.
Its success will help place Scotland at the forefront of tidal power generation, which has the potential to deliver high quality engineering jobs, manufacturing and direct foreign investment.
Tim Cornelius, CEO of Atlantis, owners of the MeyGen project, said:
"MeyGen is Europe’s largest tidal power project and the world’s first commercially funded tidal array.
"The involvement of Scottish Enterprise and the Scottish Investment Bank was instrumental in getting the project finance package required to undertake Phase 1 of this seminal project. MeyGen is now the poster child for marine energy sector globally.
"It’s a very exciting time for us and the sector as a whole. Tidal power could help deliver clean, predictable, sustainable and secure energy to millions of homes in the UK, making use of the highly sophisticated existing supply chain already present in Scotland.
"We would not have reached this stage without support from Scottish Enterprise and the Scottish Government. Their support has allowed the industry to power ahead, and Scotland to lead the world."
We've been involved with the MeyGen project since 2006 through Scottish Development International, the international arm of Scotland's enterprise agencies.
The Scottish Investment Bank became actively engaged with the project in 2013, spending more than a year negotiating a package of debt and equity funding with key funding partners including The Crown Estate, the Scottish Government, the Department of Energy and Climate Change, Highlands and Islands Enterprise and Atlantis Resources Limited, as principal project developer.
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