Tidal power giant Atlantis Resources has returned two ‘agreements for lease’ to the Crown Estate, following a strategic internal review of the company’s portfolio of tidal energy projects.
The leases were for two areas of the seabed at the Anglesey Skerries in Wales and at Kyle Rhea, situated between the Isle of Skye and mainland Scotland. Atlantis acquired the 8MW development site last year when it acquired the Marine Current Turbines subsidiary from Siemens.
The decision to hand back the leases followed an internal project portfolio and site assessment review which has led to the decision to prioritise other sites that are currently under construction and/or closer to reaching financial close.
Tim Cornelius, Chief Executive, Atlantis Resources, said: “This strategy will enable us to focus our resources on our most developed sites in order to drive progress and deliver continuous, clean, and predictable supplies of energy, quickly and at scale, to power homes and business throughout the UK and contribute towards the UK’s energy infrastructure needs.”
Survey work and data from both project sites will be made publically available through the Crown Estate’s marine database in order to support the sustainable development of the seabed over the long term.