Edinburgh-based tidal power company Atlantis said it has entered into a partnership agreement with Equitix, an infrastructure developer, investor and fund manager with more than £1.7 billion of funds under management.
Under the agreement, Atlantis and Equitix will work together to develop Atlantis’ portfolio of tidal power projects in Scotland.
Equitix, through its managed funds, intends to acquire at least 25% of each Atlantis project.
Atlantis said it anticipates “committed capital investment of almost £500 million for construction of the company’s Scottish portfolio” in the next two years, from a combination of debt, equity and grants.
This includes £51 million already committed for the current construction of the first phase of the MeyGen project off Caithness, which is scheduled to produce its first power this year.
Tim Cornelius, CEO of Atlantis, 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.”
Nick Parker, chief operating officer of Equitix, 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.”