Atlantis signs deal with infrastructure investment firm Equitix

Tidal power firm Atlantis has signed a partnership deal with Equitix, a developer, investor and fund manager of infrastructure assets with over £1.7 billion of funds under management.

Under this agreement, Atlantis and Equitix will work together to advance Atlantis’s portfolio of tidal power projects in Scotland, which represent a combined potential capacity of almost 650MW. Equitix, through its managed funds, intends to acquire at least 25 per cent of each Atlantis project vehicle at financial close of that project, and will work with Atlantis to prepare the projects for investment of the construction capital and achievement of financial close.

In the next two years alone Atlantis anticipates committed capital investment of almost £500 million for construction of its Scottish portfolio, 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, which is scheduled to produce first power this year.

Tim Cornelius, chief executive of Atlantis, commented:”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, commented: ”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.”

Related content:

Tidal power firm Atlantis returns seabed leases to The Crown Estate

Questions over Swansea Bay lagoon must not delay other tidal power opportunities, say developers

From the archive: Swansea’s tidal lagoon – how does it work and where are the costs?

From the magazine (subscribers only): Industry efforts to generate electricity from the UK’s tides will enter a critical new phase in 2016 with installation of the world’s first mini array of utility-scale turbines off the Scottish coast

Subscribe to New Power for full analysis, comment, interviews and data in our monthly report, and access to our database, or sign up to our FREE e-newsletter for website updates

Leave a Reply

Your email address will not be published. Required fields are marked *