Your browser is no longer supported

For the best possible experience using our website we recommend you upgrade to a newer version or another browser.

Your browser appears to have cookies disabled. For the best experience of this website, please enable cookies in your browser

We'll assume we have your consent to use cookies, for example so you won't need to log in each time you visit our site.
Learn more

Tidal firm Atlantis sells stake in Scottish arm

Tide power

Tidal power developer Atlantis has agreed to sell a minority stake in its Scottish tidal development company, Tidal Power Scotland Limited (TPSL), to environmental and marine engineering consultant Deme.

Atlantis said that the sale was subject to certain conditions but that it was expected to go ahead in the coming weeks.

Under the deal, Deme has agreed to pay Atlantis £2M in cash consideration for a 2% stake in TPSL and a right to contribute equity funding to the Sound of Islay project, a tidal power scheme located off the west coast of Scotland.

As part of the transaction, Atlantis and Deme said that they intended to develop a partnership for offshore construction works in the offshore renewables sector.

The sale follows TPSL’s agreement with Scottish Power Renewables UK Limited (SPR) in December 2015 to acquire the 10MW Sound of Islay project and 100MW 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.

Atlantis chief executive Tim Cornelius said: “We are excited to welcome Deme as a strategic investor into the TPSL portfolio. As a respected global leader in offshore renewable energy installation, Deme brings a wealth of expertise and we are particularly excited to work closely with them to help deliver our Scottish project pipeline.”

The deal also follows a deal between Atlantis and infrastructure investor Equitix at the beginning of this month. The deal saw Equitix advancing Atlantis’ portfolio of tidal power projects in Scotland, which represented a combined potential capacity of almost 650MW.


Have your say

You must sign in to make a comment

Please remember that the submission of any material is governed by our Terms and Conditions and by submitting material you confirm your agreement to these Terms and Conditions. Please note comments made online may also be published in the print edition of New Civil Engineer. Links may be included in your comments but HTML is not permitted.