Atlantis Resources Launches New Business to Build on Tidal Successes

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Atlantis Resources Launches New Business to Build on Tidal Successes

Atlantis Resources Ltd told investors it is establishing a new internal division that will look at new projects based on what the company learned at the breakthrough MeyGen tidal power project.

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Tidal power development remains the group's priority​

It will focus on opportunities to develop subsea interconnectors, tidal barrage projects, tidal lagoon projects, floating offshore wind opportunities and pumped storage projects.

These projects will be operated on behalf of infrastructure funds, investment banks and private developers.

Tim Cornelius, Atlantis chief executive, says the division aims to be the ‘partner of choice’ for investors in wet renewable energy projects.

"We have developed an exceptional project origination and development team at Atlantis over the past 10 years,” Cornelius said.

“The lessons learned and the skills developed during the progression of MeyGen and our entire tidal portfolio have a direct application in power projects that involve water, especially salt water.

“We are aiming to establish ourselves as one of the world's leading developers of wet renewables.”

Cornelius highlights that the targeted areas of interest are natural extensions for the group’s existing skill set and says that few companies outside of offshore wind have the same level of experience in designing, planning and delivering power projects of that type.

The new division will be based in Edinburgh, and it is expected to be operational by the end of the first quarter of 2017.

Cornelius added: “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.

“We hope to be able to present these investment opportunities to a select group of infrastructure funds in H1 2017.”

The Atlantis boss added that the new division won’t dilute the company’s focus on the delivery of low cost, reliable and predictable tidal power generation from its portfolio of projects.

MeyGen tidal power project continues to advance ...

In the waters of the Pentland Firth, offshore Scotland, the company has led the MeyGen tidal power project.

MeyGen’s first phase came online in 2016 and in December Atlantis announced that it had green lighted the next phase of the project’s development

Atlantis subsidiary Stroma Tidal Power (STPL) expects to proceed to construction for Project Stroma during 2017.

The company describes Project Stroma as an important step and highlighted that with the installation of larger diameter rotors, which will capture more tidal energy, the next phase aims to demonstrate lower cost generation.

It also noted that the next generation of turbines will be installed through drilled foundation structures rather than more ‘material intensive’ gravity foundations used in MeyGen Phase 1A.

In December, Cornelius said: “We believe these improvements will yield more electricity for each pound of investment and represent a material step down our cost reduction curve.

“STPL has been working towards this investment decision in line with the specified programme for the NER300 fund, which has awarded €16.8 million of grant support to Project Stroma."

Source: Proactive Investors

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