Atlantis Resources said €17million of funding has been transferred from the Kyle Rhea project to the world’s largest planned tidal stream energy project MeyGen. The transaction was approved by the European Commission’s Climate Change Committee for MeyGen Phase 1B. The move is planned to help accelerate the development of the project with this second phase targeted to reach financial close and commence construction during 2016.
The latest phase of the Meygen tidal energy project has been completed with the laying of four subsea cables.
Tidal power generator Atlantis Resources has appointed Simon Counsell as chief financial officer following the resignation of Duncan Black.