RNS

7 July 2022

SIMEC ATLANTIS ENERGY LIMITED
("SAE", the "Company" and, together with its subsidiaries, the "Group")

SAE successfully secures Government support to deliver the next phase of world leading tidal projects

SAE is delighted to announce that it has successfully secured a Contract for Difference (CfD) in the latest allocation round, for the world leading MeyGen site. The CfD, which guarantees £178.54 (£/MWh), for 15 years, will allow SAE to deliver 28MW of clean, home-sourced, predictable power at its MeyGen site in Scotland.

The site is already the largest tidal project in the world and will establish it as the global home of tidal energy. This milestone has been achieved thanks to the huge support of the SAE shareholders, stakeholders, and project partners.

SAE will work to achieve financial close for this next phase of the project by 2024 with the operation starting in 2027.

Graham Reid, CEO of SAE, commented:

"The significance of today's announcement cannot be downplayed. We are going to be delivering the world's first commercial scale tidal array and we now have a clear runaway, with future CfD rounds, to deliver the full c400MW of tidal power generation at MeyGen. I can't thank enough all those who have championed, supported, and invested in our business to achieve this milestone. Our absolute focus will be on the delivery of this project."

For more information, please contact

Notes to Editors

SAE is a global developer, owner and operator of sustainable energy projects with a diverse portfolio in various stages of development.

https://www.simecatlantis.com/