The board of renewable energy producer SIMEC Atlantis Energy have taken a 20% pay cut to get the company through the coronavirus crisis.
But the Edinburgh-based group said the crisis has barely affected its MeyGen tidal power project in the Pentland Firth between Caithness and Stroma, and that its hydro electric schemes continue to operate.
Atlantis said MeyGen - which will be the world's largest tidal array when phase two is complete - has continued to export power reliably to the national grid and that the firm expects to honour its contracts to deliver tidal energy equipment and services to clients in Japan and Scotland this year.
The AIM-listed firm said its Green Highland Renewables continues to maintain its 45 contracts with hydro electric schemes through a core team of engineers providing essential services. Construction of three hydro projects has been put on hold.
It has applied for funding through the UK Government's Coronavirus Job Retention Scheme after putting 27 employees on furlough and said it may add more in the next few weeks in response to the situation.
Chairman John Neill and the board's non-executive directors will take a 20% cut in their fees and will defer payment of remaining fees, while chief executive Tim Cornelius and his executive team will take a 20% salary deferral.
