Orkney-based tidal developer Scotrenewables Tidal Power has raised £5.7m from investors to allow it to demonstrate its floating 2MW tidal turbine.
The company’s existing shareholders ABB and the Scottish Government’s Renewable Energy Investment Fund, Total New Energies, Bonheur & Ganger Rolf have been joined by new shareholders DP Energy, Harland & Wolff and Scotmarine to provide the investment to take the SR2000 programme through the next operational phase.
The company is currently nearing the completion of the build of its SR2000 device in Belfast’s Harland & Wolff shipyard.
The machine is due to be launched early next year before being towed to the European Marine Energy Centre in Orkney to commence grid-connected testing at the Fall of Warness site off Eday.
Scottish energy minister Fergus Ewing said: “The £2.65m investment from REIF is part of a £5.7m funding round, which will allow this dynamic company to complete construction of the world’s largest tidal turbine — and to launch it at the European Marine Energy Centre in Orkney next year”.
He added: “I was pleased to see that the company has attracted a brand new investor and I know that DP Energy will bring valuable skills and expertise to the project.”
Scotrenewables chief executive Andrew Scott said: “This new investment is great news for the SR2000 programme and the team at SRTP who have put such a tremendous amount of work into this exciting technology.
“We look forward to getting this unit in the water next year.”
Scottish Enterprise’s REIF director Andrew Smith said: “We believe Scotrenewables has a significant role to play in securing a leading place for Scotland in the world market for ocean energy, and it’s great to see the company making such positive progress towards the development of its SR2000 device.”
Image: SR2000 tidal turbine at Belfast’s Harland & Wolff shipyard (Scotrenewables)
