Atlantis Resources has completed the acquisition of Scottish tidal project assets from ScottishPower Renewables (SPR) in exchange for a stake in the Atlantis’ wider development portfolio.
The acquisition was finalized through Atlantis’ wholly owned subsidiary, Tidal Power Scotland Limited (TPSL). Accordingly, as consideration for the acquisition, TPSL has issued new ordinary shares to SPR resulting in a shareholding for SPR of 6% of the enlarged share capital of TPSL.
As a result of the transaction, TPSL has acquired development rights for an additional 110 MW of projects in Scotland, including the seabed rights, grid access and consents for the 10 MW Sound of Islay project.
To remind, Atlantis has recently raised approximately £6.5 million through conditional placing of shares, with the proceeds intended to be used to fund project development activities across the Atlantis project portfolio, including the achievement of financial close for the Sound of Islay project on the west coast of Scotland.