Edinburgh-based tidal power company Atlantis Resources said it generated a maiden profit of £2.1 million in the year to December 31, largely as a result of a gain from the acquisition of Marine Current Turbines from Siemens.

Atlantis, which is behind the MeyGen project off Caithness, completed the acquisition of MCT from Siemens in July 2015, boosting the Atlantis UK project portfolio by 50%.

Tim Cornelius, chief executive of Atlantis Resources, said: “2015 has been a year of amazing progress for Atlantis culminating in the company’s maiden profit.

“I am pleased that we have been able to make great strides in furthering the development of the tidal stream industry in the UK and beyond.

“We commenced construction of the world’s largest commercial tidal array, remain on track to deliver our new 1.5 MW AR1500 turbine to Phase 1A of the project for installation in 2016 and have managed to consolidate the industry in the UK via two well timed, strategic acquisitions from Siemens and ScottishPower Renewables …

“There is no doubt that 2016 will be an exciting year for the Company and its shareholders as well as the wider tidal sector, as our flagship MeyGen project delivers first power to the grid.”