UK tidal firm courts infra funds for new business streams

Developer Atlantis Resources, which is already backed by Equitix for its flagship tidal project, is looking to diversify into interconnectors, pumped storage and floating wind assets.

London-listed Atlantis Resources has expanded its offering with the creation of a broadened renewable energy unit.

The new Atlantis Energy division, set to be operational by the end of the current quarter, will examine opportunities in developing subsea interconnectors, floating offshore wind and pumped storage projects.

It will also look at tidal barrage and lagoon projects, which are expected to receive a boost tomorrow following the release of the UK government’s review into tidal power. The company is already constructing the MeyGen tidal stream project in Scotland, which received a €20.3 million grant from the European Commission this week and is expected to have a capacity of 398MW once built.

“We are aiming to be the partner of choice for infrastructure funds seeking to invest in interconnectors, tidal barrage, pumped storage, floating offshore wind and, of course, tidal stream projects,” said Tim Cornelius, chief executive of Atlantis.

“We have been scouring the UK, Europe and Asia for development and investment opportunities and we have already commenced due diligence on a short list of potential projects,” he added. “We hope to be able to present these investment opportunities to a select group of infrastructure funds in H1 2017.”

Last year the MeyGen project received a £100 million ($121.3 million; €115.3 million) investment from fund manager Equitix, which also agreed to take a 25 percent stake in each Atlantis project vehicle in its Scotland-based pipeline. Atlantis also has agreements to develop smaller projects in India and Indonesia.