4th Apr 2016 08:14
LONDON (Alliance News) - Tidal power company Atlantis Resources Ltd on Monday said it has entered into a partnership agreement with infrastructure investor Equitix.
Under the agreement, Atlantis and Equitix will work together to advance Atlantis's portfolio of tidal power projects in Scotland. Equitix intends to acquire at least 25% of each Atlantis project vehicle at financial close of that project.
In the next two years, Atlantis anticipates committed capital investment of almost GBP500 million for construction of its Scottish portfolio, from a combination of debt, equity and grants. This includes GBP51 million already committed for the current construction of the first phase of the MeyGen project, which is scheduled to produce first power this year.
"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. We are very excited to be working with Equitix on a range of fronts," Chief Executive Tim Cornelius said in a statement.
Shares in Atlantis were trading up 10% at 46.34 pence on Monday morning.
By Karolina Kaminska; [email protected] @KarolinaAllNews
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