Edinburgh-based tidal energy developer Atlantis Resources has sold 2% stake in its project development vehicle Tidal Power Scotland (TPSL) to Belgian offshore construction specialist DEME Group for £2 million.
In addition to agreeing to pay in cash for a stake in TPSL, DEME Group has also secured the rights to contribute equity funding to 10 MW tidal project at the Sound of Islay in western Scotland.
As part of the transaction, Atlantis and the DEME Group also intend to develop a partnership for offshore construction works for the benefit of the Atlantis’ Scottish portfolio build out.
This follows the agreement with ScottishPower Renewables (SPR) in December 2015 to acquire the 10 MW Sound of Islay project and 100 MW Ness of Duncansby project in exchange for a 6% shareholding in TPSL.
Following the completion of the DEME and SPR transactions, Atlantis will retain a 92% stake in TPSL, the company informed.
Tim Cornelius, CEO of Atlantis, said: “We are excited to welcome DEME as a strategic investor into the TPSL portfolio. DEME brings a wealth of expertise and we are particularly excited to work closely with them to help deliver our Scottish project pipeline.”
Alain Bernard, CEO of DEME group, added: “This transaction is a vital move for the DEME group in fulfilling its ambitions to be at the forefront of the growing tidal energy industry. We look forward to working alongside Atlantis and SPR as shareholders in TPSL to develop and construct this unrivalled portfolio of projects.”