Simec, a member firm of GFG Alliance, has announced that it will pay Simec Atlantis Energy £5 million to “extricate” itself from a deal to buy a Highland hydro firm.
A key Highland hydro plant is to be upgraded to produce maximum capacity thanks to a Scottish Government ruling – firing the starting gun on benefits to the local economy.
Marine energy firm Atlantis Resources today announced plans to raise £20million through the placement of up 57.1million shares.
Atlantis Resources expects to announced the finalised terms of an acquisition that will lead to its incorporation into Sanjeev Gupta’s GFG Alliance in the next quarter.
Edinburgh-based Atlantis Resources says “strong progress” has been made on its purchase of a power plant in South Wales from Simec.
The billionaire owner of a smelter near Fort William will join forces with Scottish tidal power firm Atlantis Resources.
Scottish tidal power firm Atlantis Resources has become part of the Gupta family business empire after striking a deal for a power plant in south Wales.