Tidal power firm Atlantis signs deal with Equitix

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.”

About the Author

Mark McSherry
Dalriada Media LLC sites are edited by veteran news journalist Mark McSherry, a former staff editor and reporter with Reuters, Bloomberg and major newspapers including the South China Morning Post, London's Sunday Times and The Scotsman. McSherry's journalism has also appeared in The Washington Post, The Guardian, The Independent, The New York Times, London's Evening Standard and Forbes. McSherry is also a professor of journalism and communication arts in universities and colleges in New York City. Scottish-born McSherry has an MBA from the University of Edinburgh and a Certificate in Global Affairs from New York University.