Posted on August 11, 2016
By Ivan Shumkov, Renewables
Singapore-based Atlantis Resources Ltd (LON:ARL) said today it has finalised the sale of a 2% stake in its Scottish tidal projects development vehicle to DEME Concessions NV for GBP 2 million (USD 2.6m/EUR 2.3m) in cash.
DEME Concessions, part of Belgian offshore construction specialist DEME Group, now owns 2% of Tidal Power Scotland Ltd (TPSL). It will also get certain rights in respect of further equity funding at financial close of the 10-MW Sound of Islay project and Phase 1C of the 398-MW MeyGen tidal power project in Scotland.
Meanwhile, Geosea NV, another member of the DEME Group, has been engaged to install all heavy turbine foundation structures plus some of the turbines for MeyGen Phase 1A.
“We are on track to deliver first power to the grid from MeyGen Phase 1A later this year, which will be a landmark event for the global marine power industry,” said Tim Cornelius, CEO of Atlantis.
Source: Renewables
