SAE has recently secured a Contract for Difference (CfD) as part of the latest Allocation Round for the MeyGen tidal energy project. This CfD guarantees a price of £172 per megawatt-hour (MWh) for 15 years, starting from March 31, 2029, the targeted commissioning date. This new contract will allow SAE to expand the MeyGen 2 development by an additional 9MW, generating more clean, home-sourced energy at the site in Scotland.
SAE had already secured 50MW in previous rounds and, with this new agreement, the total capacity under development for the project will increase to 59MW. Currently, the site is already operational, producing 6MW of tidal energy, with a cumulative output of 66GWh, surpassing the combined production of all other tidal stream sites worldwide.
To achieve this expanded capacity, SAE is in advanced discussions with global manufacturing and engineering firms. Graham Reid, SAE Renewables’ chief executive, emphasised the importance of the MeyGen project, stating that it represents a significant opportunity for the industry, stakeholders, and the wider UK. He added that SAE would collaborate closely with all involved to ensure its success.
The CfD support strengthens the future of MeyGen, positioning it to lead the tidal energy industry and contribute significantly to the UK’s clean energy goals.
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.
