DEME, Atlantis forge tidal tie-up
Belgian offshore specialist to take 2% stake in development venture
DEME has paid Atlantis Resources £2m for a 2% stake in the tidal developer’s Tidal Power Scotland Limited subsidiary as the companies agreed a partnership for the construction of future projects.
The Belgian offshore construction outfit has also taken the right to contribute equity funding to the up to 10MW Sound of Islay project.
As part of the transaction, Atlantis and DEME will enter into a partnership for offshore construction of Atlantis’ Scottish portfolio build out.
Atlantis chief executive Tim Cornelius said: "We are excited to welcome DEME as a strategic investor into the TPSL portfolio.
“As a respected global leader in offshore renewable energy installation, DEME brings a wealth of expertise and we are particularly excited to work closely with them to help deliver our Scottish project pipeline.”
DEME chief executive Alain Bernard added: “This transaction is a vital move for the DEME group in fulfilling its ambitions to be at the forefront of the growing tidal energy industry.
“Moreover, it consolidates the company’s presence in the UK as DEME’s involvement in the UK offshore business dates back to the early years of offshore wind.”
The investment follows TPSL’s agreement with ScottishPower Renewables last December to acquire the 10MW Sound of Islay project and 100MW Ness of Duncansby project in exchange for a 6% shareholding in TPSL.
Following the completion of the DEME and SPR transactions, Atlantis will retain a 92% stake in TPSL.
Image: Tidal turbine (Atlantis)