Edinburgh tidal developer Simec Atlantis Energy recorded a half-yearly loss of over £9m up to the end of June 2018.
The £9.1m loss were almost triple that of the 2017 half-year deficit of £3.2m.
Atlantis said the extended losses reflect the investment made to reposition it for growth as well as the transition of its 6MW MeyGen Phase 1A tidal array in the Pentland Firth into its 25-year commercial operating phase.
Revenue for the half-year was £1.3m, mainly driven by MeyGen operations, compared to nil in 2017.
“The MeyGen project has now exported more than 8GWh of predictable, clean energy to the grid,” said chief executive Tim Cornelius.
“We will be returning the two Andritz turbines to service in the fourth quarter on MeyGen Phase 1A post their inspection, repair and maintenance period and we look forward to a very productive winter,” he added.
Atlantis said its flagship 220MW coal to waste-to-energy conversion project at Uskmouth in Wales is on track to achieve first power generation in 2020.
Source:renews
