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SIMEC Atlantis eyes £4.8mln annual revenue from Meygen with more to come

Tim Cornelius, Simec Atlantis PLC’s (LON:SAE) chief executive, says the ‘complete dislocation’ between the value of its renewable power portfolio and market price is setting the shares up for an ‘almighty rebound’.

At Meygen, two tidal power turbines are back onstream generating revenues of £100,000 per month each.

Atlantis will participate in the UK’s 2019 renewable power CFD auctions and look to add between 40-80 turbines at MeyGen dependent on the outcome, he says.

Talks to finalise a joint venture for the world’s largest tidal power array between France and the Channel Island are also underway.

That will initially produce 1Gw of power, but with the possibility to double that.

Finally, an engineering and design contract (FEED) for the Uskmouth (FEED) is imminent he says, something that will kick-start the huge power from waste conversion project.

Key to this has been the appointment of Andy Richardson as COO and Ernie Rowe to handle the Uskmouth conversion.

Quick facts: SIMEC Atlantis Energy

Price: 9.15 GBX

AIM:SAE
Market: AIM
Market Cap: £39.26 m
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