GFG Alliance subsidiary Simec Energy has completed the reverse takeover of Atlantis Resources, which has been readmitted to the AIM stock exchange.

Atlantis agreed last December to acquire Simec’s mothballed Uskmouth power plant in south Wales in return for Simec owning a 49.99% share of the Edinburgh tidal outfit now named Simec Atlantis Energy.

The mothballed Uskmouth coal plant will be converted to a 242MW facility run on waste-derived pellets.

Simec Atlantis Energy will have first offer on a portfolio of renewable generation assets owned or to be subsequently acquired by metals tycoon Sanjeev Gupta’s GFG Alliance.

The pipeline comprises a number of assets in the UK and Australia with a total gross generation capacity of 680MW.

Image: AR1500 at MeyGen 1A (Atlantis)