Atlantis Resources, the company behind the ground-breaking MeyGen tidal power project off the Scottish coast, has reported its first profit with its chief executive hailing the firm's "amazing progress" during 2015.
Tidal power specialist Atlantis Resources has acquired development rights for an additional 110MW of projects in Scotland, including the seabed rights, grid access and consents for the 10MW Sound of Islay project after completing a deal with ScottishPower Renewables.
Atlantis Resources, the Scottish firm behind the MeyGen tidal-energy project in the Pentland Firth, has followed up a £6.5million cash injection with new joint-venture in Indonesia.
Tidal power player Atlantis has entered into a partnership agreement with Equitix, the investor and fund manager of infrastructure assets with over £1.7 billion of funds under management.
Scotland’s tides are among the most powerful in the world. With an estimated 25% of Europe's tidal potential, it is no surprise that Scotland reigns supreme in attracting international project developers and major OEMs looking to tap into this vast resource.
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.
Atlantis Resources chief executive Tim Cornelius said 2015 has been a "transformational year" with the company's flagship tidal Meygen project approaching commercial power production.
Tidal power developer Atlantis Resources has appointed Stephen Ward as its new director of power generation as the company begins the constructions phase of the MeyGen project in the Pentland Firth.
Key equipment for the world’s first floating windfarm will be made in Aberdeen and at Nigg Energy Park in the Highlands, it was announced yesterday.
Atlantis Resources has sought advice from Macquarie Capital as it looks to review its options for attracting long term investors in its Scottish tidal power portfolio. The company, which owns the majority of the world’s largest planned tidal power MeyGen project, is offering potential investors an interest in its projects.
Europe’s key ocean energy industry figures are meeting with key political leaders at a high level summit in Dublin today to present a game plan for commercialising the ocean energy sector.
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.
The latest phase of the Meygen tidal energy project has been completed with the laying of four subsea cables.
Tidal power generator Atlantis Resources has appointed Simon Counsell as chief financial officer following the resignation of Duncan Black.