Atlantis Resources is to sell its 50% share of a Canadian tidal joint venture to existing partner DP Energy.
The companies have entered into a conditional sale and purchase agreement for the Edinburgh outfit's stake in Atlantis Operations (Canada) Limited (AOCL), which will be renamed after the sale is completed.
AOCL planned to install three 1.5MW Atlantis AR1500 turbines by the end of 2019 at berth E of the FORCE tidal centre in Nova Scotia’s Bay of Fundy.
Irish company DP also holds the rights to develop a 4.5MW project at FORCE berth C.
Atlantis said the cash deal for an undisclosed amount would enable DP Energy to take a “more integrated approach” to the development of berths C and E.
Post completion, Atlantis’ turbine and engineering services division will continue to participate in all future tenders in Canada as an equipment and services supplier, it said.
Atlantis chief executive Tim Cornelius said: “The transaction affords us the opportunity to focus on our ongoing successful development programme at Meygen in Scotland and pursue our ambitions to develop on identified opportunities for us in France, South Korea, the Philippines and other southeast Asian locations.”
The transaction is subject to approval from the Nova Scotia energy ministry.
Image: Bay of Fundy (Province of Nova Scotia)