Atlantis Resources, a global leader in the tidal power sector, is to set up a new internal division in Scotland as part of its diversification strategy, which will leverage the existing skill set the company has accumulated during the ongoing construction of MeyGen – the world’s largest tidal power project – off Caithness.
Known as Atlantis Energy, the new division will initially focus on opportunities to develop subsea interconnectors, tidal barrage projects, tidal lagoon projects, floating offshore wind opportunities and pumped storage projects on behalf of infrastructure funds, investment banks and private developers who are looking to invest in renewable and grid related projects in the UK.
While the division will have a global remit, Atlantis Energy will initially focus on several near-term opportunities in the UK and EU.
The new division will be based in the company’s Edinburgh head office and will offer origination, development and project management services to infrastructure funds, banks and private developers seeking to use Atlantis’s expertise to help develop their own project portfolios. It is expected that Atlantis Energy will be operational by the end of 1Q2017.
Tim Cornelius, Chief Executive, Atlantis, commented: “We have developed an exceptional project origination and development team at Atlantis over the past 10 years. 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, and 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.
“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 1H2017.
“These markets are natural extensions for our existing skill set and few companies outside of offshore wind have the same level of experience in designing, planning and delivering power projects that require subsea cable installation and maintenance, offshore marine construction, marine licensing and consenting, environmental monitoring and reporting, grid connection and, of course, financing. It is also an opportune time for us to offer our services and skills to governments, fund managers, utilities and private developers to help them achieve success within their own development portfolios.
“This is a very exciting time for Atlantis, building on the success of MeyGen Phase 1A and the recent announcement of FID being reached on Project Stroma (Phase 1B). This will not dilute our focus on the delivery of low cost, reliable and predictable tidal power generation from our large portfolio of tidal stream projects. Atlantis has made great strides over the last twelve months and diversifying into aligned areas will allow us to grow our company in partnership with investors who want to access our unique energy development experience and expertise.”