By Christian Moess Laursen
Shares in Simec Atlantis Energy rose 17% on Friday after the company said it has secured four contracts allowing it to deliver an additional 22 megawatts of clean power at the MeyGen tidal energy plant in Scotland.
At 0710 GMT, shares were up 0.17 pence at 1.20 pence.
The developer of energy-generation projects said the four contracts guarantee 198 pounds ($247) per megawatt-hour for 15 years from the commissioning date of March 31, 2028.
The additional 22MW power will bring the total power delivery at the site to 50MW of tidal stream array in addition to the 6MW already operation at MeyGen.
"This is another important step for the project and the industry, but it is vital this progress is maintained," the company said.
The agreements are contracts for difference, where the buyer pays the difference between the current value of an asset and its value at the contract time.
Write to Christian Moess Laursen at christian.moess@wsj.com
