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A new deal between Atlantis and ScottishPower Renewables (SPR) will form a portfolio of projects which could see 640MW of tidal power capacity by 2022 in Scotland, Atlantis announced today.
Scottish Power Renewables (SPR) has teamed up with tidal specialist Atlantis in a deal that will establish the largest tidal power portfolio in the UK, with 640 MW of tidal power capacity set to be installed in Scotland by 2022.
Atlantis’s Scottish project development vehicle, Tidal Power Scotland Limited (TPSL), will acquire SPR’s portfolio of tidal projects, consisting of 10 MW in western Scotland and 100 MV in north east Scotland, in exchange for a 6% shareholding in TPSL for SPR.
The projects will sit alongside the flagship 398MW MeyGen project, which is 85% owned by TPSL.
Chief executive of Atlantis, Tim Cornelius, said: “The UK is now synonymous with tidal power in the same way tech is with Silicon Valley. Thanks to the dedicated support provided by the Department for Energy and Climate Change and the Scottish government, the UK tidal sector is leading the world.
“In a transformational 12 months, we have increased our UK projects portfolio by almost 80% in terms of potential capacity, through the acquisition of Marine Current Turbines from Siemens, and this transaction with SPR. By 2022, we aim to have at least 640MW of installed capacity in the UK through development of just our existing portfolio”.
Following the acquisition of Marine Current Turbines Limited from Siemens AG earlier this year, Atlantis has agreements to lease two further Scottish tidal sites. Atlantis is in the process of adding these two projects, with a combined capacity of 130MW, to the TPSL portfolio.
Chief executive of ScottishPower Renewables, Keith Anderson, said: “The MeyGen project has moved the tidal power sector forward in Scotland and Atlantis is now the world’s leading developer. This agreement will drive momentum in the sector.
“With our hard work to design and seek consent for the Islay project, it is now ready to go in to construction, heralding an exciting new chapter in the progression of tidal power.”
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