EIB to provides €10 million loan for MeyGen Phase 1B

The European Investment Bank (EIB) is considering to grant Atlantis Resources Ltd a €10 million (US$10.64 million) loan for the 6 MW MeyGen Phase 1B tidal stream project in Scotland.

The EIB has started its appraisal of Atlantis’ loan request on March 8. The so-called Project Stroma calls for the installation and operation of four small-scale tidal turbines in the Inner Sound of the Pentland Firth and is the second phase of the 398-MW Meygen tidal power project. The total cost of the project is estimated at €57 million (US$60.7 million).

As we reported in December, Atlantis confirmed its investment decision to proceed with the development after a competitive tender process for the project construction contracts carried out by Stroma Tidal Power Limited (STPL). In January, the project secured €20.1 million (US$21.4 million) in grant funding from the European Commission's (EC) NER300 fund. Construction will begin this year and first power is expected in 2018.