Equitix joins Atlantis team
£1.7bn fund manager takes stake in tidal developer's Scottish projects
Atlantis Resources has struck a partnership deal with the £1.7bn fund management outfit Equitix to build up to 650MW of tidal projects in Scotland.
The deal will see Equitix acquire at least 25% of each Atlantis project company at financial close of each project, the developer said today.
Atlantis and the fund manager will also work on securing further investment in the projects.
In the next two years Atlantis said it anticipates capital investment of almost £500m for construction of its Scottish portfolio. This will come from a combination of debt, equity and grants, the company said.
This £500m includes some £51m already committed for the construction of the 6MW first phase of the MeyGen project in the Inner Sound of the Pentland Firth. First power here is expected later this year.
Atlantis chief executive Tim Cornelius said the company was “very excited” to be working with Equitix “on a range of fronts”.
He said: "This agreement…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.”
Equitix chief operating officer Nick Parker added: "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."
Image: HS1000 tidal turbine which will feature at MeyGen (Andritz Hydro Hammerfest)