Deal values tidal firm at £100m

Atlantis Resources are behind the Meygen project being constructed in the Pentland Firth. Picture: Geograph.com

Atlantis Resources are behind the Meygen project being constructed in the Pentland Firth. Picture: Geograph.com

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A Belgian offshore services company is investing in a Scottish tidal energy projects business in a deal which values it at £100 million.

Atlantis Resources, the Edinburgh-headquartered company behind the Meygen project being constructed in the Pentland Firth, said Deme had agreed to buy a 2 per cent stake in its Tidal Power Scotland Limited (TPSL) arm.

As part of the transaction, Atlantis and the Deme group plan to develop a partnership for offshore construction work for developing projects it owns. In December 
Atlantis acquired the 10MW Sound of Islay project and 100MW Ness of Duncansby project from ScottishPower Renewables which now holds a 6 per cent shareholding in TPSL.

Tim Cornelius, chief executive of Atlantis, 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.”

The Deme group, which has a fleet of more than 90 major construction vessels, recorded a turnover figure of €2.35 billion (£1.89bn) in 2015. The company already invests in a number of marine energy projects.

Alain Bernard, Deme’s chief executive, said the deal was “a vital move in fulfilling our ambitions to be at the forefront of the growing tidal energy industry”.

Last week, Atlantis announced struck a partnership deal with London-based infrastructure investor Equitix

to accelerate development of projects in Scotland.

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