Morgan Stanley Tidal Power Venture Wins Scottish Approval
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Scotland approved a Morgan Stanley-backed venture that will use turbines to harness the power of tides to generate electricity in the region’s waters.
MeyGen Ltd., owned by Morgan Stanley (MS), Atlantis Resources Corp. and International Power Ltd., a GDF Suez (GSZ) SA unit, won consent to install tidal turbines in stages, starting with a 9-megawatt demonstration project, the Scottish government said today in a statement on its website. The project, in the Pentland Firth off the coast of northern Scotland, may eventually reach 398 megawatts.
The development will be “the largest tidal turbine array in Europe and the first commercial project off these shores,” Scottish Energy Minister Fergus Ewing said in the statement. “When fully operational, the 86-megawatt array could generate enough electricity to power the equivalent of 42,000 homes -- around 40 percent of homes in the highlands.”
Scotland, aiming for all of its electricity to come from clean sources by 2020, may have as much as a quarter of Europe’s tidal resources, according to government estimates. It offers one of the highest subsidies in the world for marine energy.
The Scottish government also said today that the wave energy technology companies Aquamarine Power Ltd. and Pelamis Wave Power Ltd. will share 13 million pounds ($21 million). The money comes from funds the government set aside to support the testing of marine technologies to try to accelerate their commercialization.
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