£20.5 million for tidal power
First phase of new development that could eventually power 175,000 homes.
Construction on one of the world’s largest tidal power projects will begin in the Pentland Firth later this year, thanks to a £20.5 million investment, Energy Minister Fergus Ewing has announced.
Once completed, the 269-turbine development could power almost 175,000 homes and support more than 100 jobs in the north of Scotland.
The £20.5 million investment is made possible by the Scottish Government’s Renewable Energy Investment Fund (REIF) and funding from Highlands and Islands Enterprise. It is part of a total package of £51 million to MeyGen for the four turbine demonstration phase of its tidal stream array project.
Mr Ewing said: “The funding announced today will help bring to life innovative and exciting plans to develop the world’s largest tidal power project in Scotland.
"Our ambition for Scotland’s emerging wave and tidal sectors remains great. The Pentland Firth development takes our ambition to the next level and further cements Scotland’s reputation as a world leader in deploying renewables technology.
“We know that the successful harnessing of ocean power takes hard work and persistence which is why we are determined to support those in the industry.
“By developing clean, green energy we are creating opportunities for communities in the north of Scotland and delivering jobs and investment.”
Lena Wilson, chief executive of Scottish Enterprise said:
“We’re already leading the world in terms of research and development facilities for the tidal sector, and have more tidal devices being tested in our waters than anywhere else in the world. The plans for the Pentland Firth are further evidence of Scotland’s position as one of the key players in the fast growing renewables sector at a global level.”
Calum Davidson HIE’s Director of Energy and Low Carbon added:
“The MeyGen project is the first commercial scale tidalstream array to be developed and built out. HIE is delighted by today’s announcement as it gives a strong green light to the start of the construction phase of the project. It is a huge boost to the Highlands and Islands which is being rightly recognised as a global centre for marine renewables. We have world class wave and tidal conditions here, as well as expertise across the engineering and marine supply chain supported by a skilled and dedicated workforce. HIE is looking forward to working with MeyGen as the project develops in the coming months.”
The £20.5 million funding consists of a £17.2 million investment from Scottish Enterprise via the Renewable Energy Investment Fund and a £3.3 million grant from Highlands and Islands Enterprise.
Scottish Enterprise has today approved an investment, via its Renewable Energy Investment Fund, of up to £18.5million in the MeyGen project. We will now work with project partners to finalise delivery plans.
The Renewable Energy Investment Fund was launched in October 2012. Its aim is to promote the use of energy from specific renewable sources and drive further investment into key areas of Scotland’s renewables industry.
REIF is delivered by the Scottish Investment Bank – the investment arm of Scottish Enterprise – on behalf of the Scottish Government and its Enterprise Agencies.
The funding syndicate providing the project finance includes: Atlantis Resources, the Department of Energy & Climate Change, The Crown Estate, the Scottish Government via Scottish Enterprise’s Renewable Energy Infrastructure Fund and Highlands & Islands Enterprise.
The next phase of the project which includes 61 turbines and is expected to provide enough electricity for 42,000 homes, will begin construction later this year, with the first electricity being delivered to the grid by 2016.