ScottishPower and Atlantis team up on tidal energy
Posted on: 17/12/2015

Atlantis Resources has boosted its tidal energy portfolio by acquiring two projects from ScottishPower Renewables (SPR) in an all-share deal. The deal includes a 100MW development at the Ness of Duncansby in the Pentland Firth and a 10MW project at the Sound of Islay in western Scotland.

The projects were acquired by Atlantis’s development vehicle, Tidal Power Scotland Limited (TPSL), who SPR will take a 6% shareholding stake in under the terms of the deal. The project assets include lease agreements with The Crown Estate for both sites, while the Sound of Islay development also has a grid connection offer and construction consents from Scottish ministers. The development recently received roughly £14.55mn (€20.7mn) in European Commission funding and is expected to achieve financial close in 2016.

Atlantis chief executive Tim Cornelius said: “In a transformational 12 months, we have increased our UK projects portfolio by almost 80% in terms of potential capacity, through the acquisition of Marine Current Turbines from Siemens, and this transaction with SPR. We want to help build a UK-based supply chain based on world class manufacturing”.

Earlier this year, Atlantis bought Marine Current Turbines from Siemens AG, providing it with lease agreements for two further Scottish tidal sites - at the Mull of Galloway in south-west Scotland and Brough Ness, to the north of the MeyGen and Ness of Duncansby sites.

Atlantis is in the process of adding these two projects, with a combined capacity of 130MW, to the TPSL portfolio. By 2022, the company aims to have at least 640MW of installed capacity in the UK through developing its existing portfolio.

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