SIMEC Atlantis orders subsea connection system for next MeyGen phase

SIMEC Atlantis Energy Limited has awarded a contract to subsea engineering specialists ETA Limited for the manufacture and delivery of the ubsea tidal turbine connection system which will underpin the MeyGen extension activities known as Project Stroma.

The subsea hub will allow multiple turbines to be connected to a single power export cable, which will significantly reduce the costs associated with grid connection. The length of power export cable as well as the amount of onshore conversion equipment required for grid connection will be significantly reduced, as will the amount of horizontal directional drilling required and the amount of vessel time required for cable installation.

Project Stroma will connect two additional Atlantis AR2000 turbines via the new subsea hub to a single power export cable which will then be connected via the MeyGen substation to the National Grid.

Management are currently exploring a number of funding options for the capital expenditure associated with Project Stroma, including a potential issue of the Company’s first listed bond.