Atlantis Resources to invest £500m in Scottish tidal power projects

Atlantis Resources to invest £500m in Scottish tidal power projects

Tidal energy firm Atlantis Resources Ltd (LSE:ARL) announced that over the next two years it will invest around £500 million in Scottish power projects.

The company has now entered into a partnership agreement with Equitix, a London-based investment business.

Equitix plans to obtain at least 25 per cent of each project, investing more than £100 million.

According to Atlantis, both firms will work together and “advance Atlantis’s portfolio of tidal projects in Scotland.” The portfolio has a combined potential of almost 650MW.

The investment also includes £51 million pledged for the construction of the MeyGen project, which is planned to produce power this year.

Tim Cornelius, CEO of Atlantis, said: ‘This agreement with Equitix, a leading infrastructure investment specialist, is an important step for us 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’.

@RGNonline