Sustainable power firm Simec Atlantis Energy looking to regain momentum after widening losses

Sustainable power specialist Simec Atlantis Energy, which is behind the MeyGen tidal power project in the Pentland Firth, has reported a widening of its losses in 2021 – but said it ended the period with a “clear path forward”.

The firm, which is based in Edinburgh, said its overall losses for the year amounted to £74.1 million, up from £19.4m in 2020. The jump was attributed to the recognition of impairment losses such as £32m relating to Uskmouth Power Station following the decision in April of this year to not proceed with the conversion of the site. Aim-quoted Atlantis added that group total equity at 31 December amounted to £16.7m, down from £81.8m.

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Its MeyGen project, for which it earlier this year secured funding to get back on track, generated revenues of £1.6m from the sale of power and renewable obligation certificates. Landmarks since the year end include the company receiving consent from its Atlantis Ocean Energy debenture holders to defer £4.9m of principal repayments due this week for a year.

Chairman Duncan Black said the last 12 months have been “very challenging”, but have also included key progress. “I believe that we end the period with a clear path forward for the group, a significantly streamlined business, and a number of exciting projects under development that will deliver value to shareholders,” he added.

Chief executive Graham Reid said: "2021 saw the company make some difficult but important decisions. While these have had short-term impacts on the business and our financial statements, I am convinced they are the right decisions, which will ultimately deliver value to shareholders in the medium to long term."

CEO Graham Reid said the company in 2021 took 'difficult but important' decisions he believes 'will ultimately deliver value to shareholders in the medium to long term'. Picture: contributed.