SAE has secured a significant Contract for Difference (CfD) in the latest allocation round for the MeyGen site. These contracts guarantee £172 per megawatt hour (MWh) over a period of 15 years, starting from 31 March 2029, which is the targeted commissioning date. This financial backing will enable SAE to expand the MeyGen 2 development by approximately 9 MW, allowing the generation of more clean, home-sourced energy at the MeyGen site in Scotland.
On 8 September 2023, SAE secured contracts for 50 MW in both Allocation Rounds 4 and 5. With this latest success in Allocation Round 6, the total capacity of the project under development will increase to 59 MW. This development builds on the 6 MW already operational at the site, which has so far produced an impressive 66 GWh of energy. This production surpasses that of all other tidal stream sites worldwide.
In order to deliver the expanded 59 MW project, SAE is in advanced discussions with various global manufacturing and engineering companies. While these discussions remain non-binding, they are progressing positively. SAE is committed to providing further updates as these negotiations continue.
Graham Reid, CEO of SAE Renewables, emphasised the importance of the MeyGen project, stating that the scale and opportunity it represents for the industry, the supply chain, stakeholders, and the wider UK are significant. He further affirmed SAE’s commitment to working with all parties involved to ensure the project’s success.
SAE Renewables Limited (LON:SAE) was founded in 2005 as a supplier of tidal stream turbines, SAE quickly grew to include development of tidal stream projects and is the majority owner of MeyGen, the world’s largest tidal stream energy project.
