Atlantis Resources

Renewables/Energy Transition

Atlantis Resources strikes a deal to acquire two projects

Atlantis Resources has struck a deal to acquire two projects from Scottish Power Renewables UK for its tidal development company. The deal for Tidal Power Scotland (TPSL) is estimated to be around £6.6million, or 3,859,703 shares, which equates to around 6% of the issued share capital. Atlantis said as part of the transaction, TPSL will acquire Scottish Power Renewables entire tidal portfolio, comprising the 10MW Sound of Islay site and the 100MW Ness of Dunscaby site.

Renewables/Energy Transition

Atlantis Resources wins approval of €17million for MeyGen

Atlantis Resources said €17million of funding has been transferred from the Kyle Rhea project to the world’s largest planned tidal stream energy project MeyGen. The transaction was approved by the European Commission’s Climate Change Committee for MeyGen Phase 1B. The move is planned to help accelerate the development of the project with this second phase targeted to reach financial close and commence construction during 2016.

Technology

Atlantis Resources boss anticipates sea change in energy mix

When Atlantis Resources finally completes its world beating tidal energy development in the North of Scotland, don’t expect exciting photo opportunities to mark the occasion - there’ll be nothing to see. Atlantis’ huge MeyGen project in the Pentland firth will be the world’s biggest tidal project: up to 269 turbines providing almost 400MW - enough electricity for 175,000 Scottish homes. But all that power and infrastructure won’t be visible from the nearby Caithness and Orkney shorelines because all the action takes place below the waves.