Tidal power generator Atlantis Resources PLC (LON:ARL) saw its shares gain today as it said it expects to complete the first phase of its MeyGen project in the Pentland Firth in October, when all four of its seabed turbines will be in operation.
Tim Cornelius, chief executive, said after refurbishment the final turbine will be reinstalled at MeyGen in the coming weeks, which will mark the transition into full operations.
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MeyGen's Phase 1A has already set a number of records, he added, with over 2GWh of generation having been dispatched to grid.
In August, MeyGen generated 700MWh of electricity, a new monthly record for a tidal stream project.
Once completed and in operation, Atlantis will look to re-finance the project to improve returns and free-up capital, added Cornelius.
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Phase 1A at MeyGen was to establish 6Mw of generating capacity. The next phase, 1B, will double that while phase 1C will add a further 73Mw. Eventually MeyGen might have as much as much as 400Mw of capacity, enough for 270,000 houses.
Results for the six months to end June showed a loss of £3.2mln (£4.4mln) while cash at the period end was £6.7mln. It raised a further £5mln through a bond issue in July.
In late afternoon trading, shares in Atlantis Resources were up 1.6%, or 0.5p at 32.0p.
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