The firm said its flagship MeyGen scheme had secured a non-convertible loan of £2.5 million from Scottish Enterprise, which will enable the redeployment of the remaining two turbines at the site within the next 12 months. This follows the successful deployment in March of a 1.5-megawatt tidal turbine.
The first of the two remaining turbines is scheduled for redeployment in May this year and the final unit will be deployed in March 2023, complete with a connection system that more than halves the costs of future turbine recoveries and deployments.
Bosses said demonstrating the viability of the tidal turbines was vital to the success of MeyGen, which is the largest planned tidal stream project in the world.
They noted that, when operational, the turbines have “far exceeded expectations” and the funding from Scottish Enterprise will support deployment and activity to ensure continuation of the project.
Chief executive Graham Reid said: “I would like to thank Scottish Enterprise for their continued support of the business and the MeyGen project. The successes and challenges we have faced on this project pave the way to establish a world leading industry in Scotland and bring huge economic and environmental benefits for Scotland and the UK.”
Scottish Enterprise director of growth investments, Kerry Sharp, added: “Scottish Enterprise has had a longstanding partnership with the project and we look forward to developing this further as we support the energy transition and deliver sustainable economic growth for all of Scotland's communities.”