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.”
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