SIMEC Atlantis Energy Limited (LON:SAE) has delivered an update on the performance of its MeyGen tidal power project in 2019, which saw the longest period of uninterrupted generation ever achieved for a multi-megawatt tidal turbine array.
The sustainable energy firm said MeyGen has now exported 24.7 gigawatt hours (GWh) of predictable renewable electricity to the UK’s national grid, with 13.8 GWh exported in 2019 alone, enough to power around 3,800 homes and generating revenues of £3.9mln.
Atlantis also said it is planning to add around 80 megawatts of tidal capacity to the MeyGen project and build the world’s first ocean-powered data centre which will be connected to the tidal array with a private wire.
Designs are also underway to connect the centre to the Celtic Norse subsea fibre optic cable currently in development, which the company says will “significantly” enhance Scotland’s international data connectivity.
The project’s AR1500 turbine is also due for servicing and upgrade work at the end of January, which SIMEC said will increase the turbine revenue by 4% with no increase in operating cost when it is redeployed in the spring.
Tim Cornelius, chief executive of SIMEC said the MeyGen project was providing valuable performance data to inform future projects, demonstrating its “importance as a global prototype”, and added that the cost of tidal was continuing to reduce as the offshore wind market placed “sustained pressure” on supply chains domestically and abroad.
The CEO also said that the planned data centre next to MeyGen and stranded onshore wind farms in close proximity to the project will “create a virtual power plant” providing sustainable energy to the centre, as well as establishing “important new fibre connections for Scotland and the UK in the process”.
In mid-afternoon trading on Monday, SIMEC’s shares were steady at 10.5p.
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