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Tidal power in Scotland has received a boost with the news that developer Atlantis is partnering with infrastructure investor Equitix, which will take a 25 per cent stake in each of Atlantis’ projects.
Under the agreement, Atlantis and Equitix will work together to advance Atlantis’ portfolio, which currently has a potential capacity of 650MW. They also aim to attract new funds to the tidal sector, which is under government review following concerns over the level of funding required to launch the Swansea Bay tidal lagoon.
Over the next two years, Atlantis expects more than £500 million of capital investment in its Scottish portfolio, from a combination of debt, equity and grants. This includes £51 million already committed from a combination of investors and Decc in 2014 for the construction of the first phase of the MeyGen project, which is scheduled to produce its first power this year.
Atlantis chief executive Tim Cornelius 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.
“We are very excited to be working with Equitix on a range of fronts.”
Equitix chief operating officer and founding director Nick Parker said: “We are delighted to be entering into this partnership agreement with Atlantis, the clear market leader in the tidal energy industry which secures access to a pipeline of primary investment opportunities and has tremendous growth potential in the UK.”
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