Delighted to have been appointed by MeyGen Ltd (a subsidiary of Atlantis Resources) to prepare the detailed capital allowances claims for its tidal generation project at Ness of Quoys, near the village of Mey, Caithness. The first commercial multi turbine tidal stream array project anywhere in the world.
Phase 1A involved the installation of four turbines (6MW capacity) with associated infrastructure to demonstrate the technical feasibility of transferring the power generated from the Tidal Generators located off shore on to the grid. On 9th August, it achieved the significant milestone of passing 1GWh of generation exported to the grid.
Subsequent development of the project is phased with Phase 1b, expected to consist of three 1.7MW turbines, anticipated to deliver electricity to the grid in 2018/19. This is then expected to be followed by Phase 1c, which would expand the aggregate installed capacity to the full 86MW permitted by the existing consents.
The project engineers had to overcome significant technical challenges and uncertainties and involved extensive R&D activity before construction work could begin in September 2014.
Our work involved advising on all aspects of the capital allowances legislation including plant & machinery allowances, research & development allowances and contribution allowances. In doing so we worked closely with the company’s engineers and finance teams as well as the company’s corporate tax advisors (PWC) to enable a successful claim.
“Bryan worked very closely with our engineering and finance teams gaining a strong understanding of the project expenditure and produced a very clear, concise Capital Allowances report and financial analysis which provided an audit trail back to the source data. Bryan is a very good communicator and Atlantis would not hesitate to use his services again or recommend him to other clients.”
Simon Hirst, Head of Financial Control – UK
For further details please do not hesitate to contact us.