Atlantis boosts Scottish tidal momentum

SeaGen S tidal device (Photo: Atlantis Resources)

Atlantis Resources has entered into partnership with Equitix, an infrastructure investor, to advance around 650 MW of Atlantis’ tidal power projects in Scotland.

With over £1.7 billion of funds under management, Equitix intends to acquire at least 25% of each Atlantis project vehicle at financial close of that project, and will work with Atlantis to prepare the projects for investment of the construction capital and achievement of financial close.

Through the partnership, Equitix intends to invest more than £100 million into Scottish tidal power over the course of next two years, according to Financial Times.

The Edinburgh-based tidal energy company anticipates committed capital investment of almost £500 million in the two years ahead for construction of the company’s Scottish portfolio, from a combination of debt, equity and grants.

This includes £51 million already committed for the current construction of the first phase of the MeyGen project, which is scheduled to produce first power this year.

Tim Cornelius, CEO of Atlantis, deemed the agreement as an important step for Atlantis “in engaging a partner with both vital experience of large infrastructure projects and access to extensive capital, coupled with a desire to work with us to accelerate the further development of the UK’s tidal power industry.”

Nick Parker, COO and Founding Director of Equitix, added: “We are delighted to be entering into this partnership agreement with Atlantis, the clear market leader in the tidal energy industry which secures access to a pipeline of primary investment opportunities and has tremendous growth potential in the UK.”

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