EIB pondering €10M loan for MeyGen’s next phase

Illustration (Image: Pixabay)

The European Investment Bank (EIB) added Atlantis Resources’ MeyGen Phase 1B, also known as Project Stroma, to its list of the projects to be financed, currently under appraisal. 

EIB is considering Atlantis Resources’ request for a loan of €10 million for the project estimated to cost around €57 million.

This represents the next phase of the MeyGen tidal array, and will be built adjacent to the existing 6MW MeyGen Phase 1A in the Pentland Firth, Scotland, which saw its final tidal turbine deployed and energized last month.

If approved, the new funds would follow €20.3 million awarded to Atlantis Resources by the European Commission in January, and the €17 million grant transfer from the Kyle Rhea project to Atlantis’ MeyGen in 2015.

Construction for the next 6MW phase is scheduled to begin later this year, with the first power expected to be produced in 2018.

The turbines for Project Stroma will be provided by Marine Current Turbines, which was bought by Atlantis from Siemens in 2015 in an all-share deal.

Tidal Energy Today Staff

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