Atlantis steps forward in partnership
Atlantis Resources aims is to deploy an array of turbines offshore, using technology tested at the European Marine Energy Centre in Orkney. Four 1.5 megawatt (MW) tidal turbines are due to be deployed later this year.
Equitix is a market leading developer, investor and fund manager of infrastructure assets with over £1.7 billion of funds under management.
Under the agreement, Atlantis and Equitix will work together to advance Atlantis’s portfolio of tidal power projects in Scotland, which represent a combined potential capacity of almost 650 megawatts (MW).
In the next two years, Atlantis anticipates committed capital investment of almost £500 million for construction of its Scottish portfolio. This includes £51 million already committed for the current construction of the first phase of the MeyGen project in Caithness, which is scheduled to produce its first power this year.
Tim Cornelius, chief executive officer of Atlantis, said: "This agreement with Equitix 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.
“We are very excited to be working with Equitix on a range of fronts.”
Nick Parker, chief operating officer and founding director of Equitix, added: "We are delighted to be entering into this partnership agreement with Atlantis, the clear market leader in the tidal energy industry. It secures access to a pipeline of primary investment opportunities and has tremendous growth potential in the UK.”