Tidal developer Simec Atlantis Energy made a loss after tax of £24m in 2018 according to preliminary full-year results.
The deficit compares with a £10.6m full-year loss posted in 2017.
Atlantis’ revenues were £2.2m in 2018, up from £0.3m a year earlier, including an increase of £1.8m from power sales from its 6MW Meygen Phase 1A tidal project in the Pentland Firth off Scotland.
Atlantis chairman John Neill said the losses reflects the “development investment we continue to make in our flagship tidal energy and waste to energy projects, with consistent revenue generation from power sales expected as they come online over the next 24 months”.
Chief executive Tim Cornelius added: “Our ambition is to grow quickly to become the leading independent generator of sustainable energy in the UK and we are making significant steps towards achieving that goal.
“We have commenced work on the world’s first conversion of a coal power station to 100% waste derived fuel at Uskmouth and we are expanding MeyGen with Phase 1B (Project Stroma) through the installation of two additional turbines.”
Atlantis has meanwhile secured funding to invest in the 220MW Uskmouth project after it abandoned plans to acquire Scottish hydro developer Green Highland Renewables from Simec Energy.
Simec will pay Atlantis £5m in cash in order to be released from its obligations and the former has also agreed to make a £2m interest free debt facility available to Atlantis.