MeyGen 2 tidal project aiming for 2025 financial close

SIMEC Atlantis Energy is targeting financial close in Q2 2025 for its MeyGen Phase 2 tidal stream project, according to a market update.
The company secured four Contracts for Difference (CfDs) totalling 22MW from the UK government in the AR5 allocation round for the MeyGen site. This is in addition to the 28 MW CfD secured in the AR4 allocation round for MeyGen in July 2022, providing an aggregate of 50 MW of CfDs for the next phase of the MeyGen project.
The company said the higher strike price of the CfDs awarded under AR5 compared with AR4, coupled with the economies of scale afforded by the increase in the size of the project to 50 MW, provide a significant boost to the project economics.
The company is planning for operation of the 50 MW array from 2027. It said “MeyGen Phase 2 remains a hugely challenging project” but it will now “turn our attention to securing tidal turbine supply for 3MW turbines, consenting variations to enable the larger turbines and financing for the project”.
The company plans to add a 200MW battery to MeyGen, which could also be connected in 2027.
It is also developing three new battery projects at Uskmouth.