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Atlantis Resources acquires 398 MW MeyGen tidal array
Tidal technology and project developer Atlantis Resources Ltd. has acquired the 398 MW MeyGen array located in the Inner Sound development zone of Scotland's Pentland Firth.
Atlantis Resources already held 10% of the company developing the project, MayGen Ltd., and acquired the remaining equity from joint venture partners Morgan Stanley and GDF Suez.
"Having first established the MeyGen project back in 2006, we are very pleased to again have overall control of the project as the lead project developer as we enter the final straight towards first array deployment," Atlantis Resources Chief Executive Officer Tim Cornelius said.
The 3.5 km2 site is being developed in multiple stages, with its first power expected to be generated in late 2015 or early 2016.
The developers recently received a lease agreement from the Crown Estate and began upgrading transmission lines to provide a grid connection point.
Cornelius said the acquisition will help the company in its strategic objectives, which already includes the development of projects in Canada, India and China.
Tidal energy comes to Singapore
The Nanyang Technological University has launched a 1 MW tidal power test bed at the popular southern resort island of Sentosa.
Designed, built and installed by a group from NTU's Energy Research Institute in conjunction with the Sentosa Development Corporation, the tidal turbine is part of a project meant to demonstrate marine power as a source of renewable energy. Electricity generated by the unit is being used to power lights at the Sentosa Boardwalk Turbine Exhibit, which is a public exhibition showcasing Sentosa's comprehensive sustainability plan.
NTU officials said the turbine will also be used to further analyze how low-flow tidal energy can be made cheaper and more efficient.
Minesto honored at international conference
Swedish marine energy developer Minesto was given the Industry Pioneer Award at the International Tidal Energy Summit in London for its work in developing the "Deep Green" power plant.
Minesto describes the Deep Green system as an "underwater kite, comprised of a wing and a turbine which is secured to the seabed with a tether." The unit then "moves with great speed in an 8-shaped path in the tidal or ocean current," thus spinning the turbine and generating power.
The company recently announced that a quarter-scale prototype is generating power off the waters in Strangford Lough, Northern Ireland.
The trials will pave the way for a full-scale Deep Green installation, which is planned for 2015 and also possibly to be located in the UK.
Renewable strike prices impact marine energy development in UK
Revised renewable energy strike prices are causing frustration for Scotland's Orkney Islands Council after special rates were denied for wave and tidal infrastructure off the coast of Scotland.
Chief Secretary to the Treasury, Danny Alexander, releasing the information about the new subsidies, reportedly commented that the new prices would be more of "a rebalancing" as opposed to an entirely new plan and that overall expenditures under the program would not change.
The strike prices are intended to promote long-term investment in multiple forms of renewable generation, including wind, solar, wave and tidal power. The prices guarantee the rates the government will pay per unit of electricity from renewable generation sources. These figures are used to offer security and incentive to potential investors.
Orkney Islands Council is asking the ministers to rethink its rulings regarding marine energy. According to the Council, a higher strike price called an "island uplift" was proposed to accommodate the larger expense of transmission from Scotland's islands. The revised strike prices include an island uplift for onshore wind, but did not offer the same subsidy for wave or tidal power generation.
The newly released document, "Investing in Renewable Technologies – CfD Contract Terms and Strike Prices," is available for download online at https://www.gov.uk/government/publications/investing-in-renewable-technologies-cfd-contract-terms-and-strike-prices.
Australian developer completes capital raise
Marine and hydrokinetic developer Carnegie Wave Energy Ltd. has completed a capital raise of US$4 million to accelerate work on its "CETO 6" generating system.
The Australian company said the capital raising comprises a placement of 4,000 convertible notes at an issue price of $1,000 each. Each note has a 24-month expiry, pays a non-cash coupon of 6% per annum and is convertible at any time to 5.5 cents per share, which represents a 30% premium to the last closing share price.
The notes will be repaid with proceeds from an expected research and design tax refund for the year ending June 30, 2014, Carnegie said, unless otherwise converted to equity.
Carnegie's CETO 6 units are a "next generation" of the company's CETO 5 units, which are being manufactured for the Perth Wave Energy Project.
Carnegie and partner Triton Renewable Energy completed tests of a CETO unit off Bermuda's south shore in 2012.