Funding partnership agreed
Equitix to back Atlantis tidal power projects
Atlantis, the tidal power company, has entered into a partnership with Equitix, a developer, investor and fund manager of infrastructure assets to provide £500 million for a number of Scottish projects.
The schemes in the pipeline represent a combined potential capacity of almost 650MW. Equitix, through its managed funds, intends to acquire at least 25% of each project.
The investment includes £51m already committed for the current construction of the first phase of the MeyGen project in the north of Scotland, which is scheduled to produce its first power this year.
Prince Charles is involved in the design of the substation for this project and the Crown is a significant investor.
Atlantis remains a Singapore headquartered company, but has its principal project and operations office in Edinburgh, a design office in Bristol, and a corporate office in London.
Tim Cornelius, chief executive of Atlantis, said: “This agreement is an important step for us in engaging a partner with both vital experience of large infrastructure projects and access to extensive capital, coupled with a desire to work with us to accelerate the further development of the UK’s tidal power industry. We are very excited to be working with Equitix on a range of fronts.”
Nick Parker, chief operating officer and founding director of Equitix, said the agreement “secures access to a pipeline of primary investment opportunities and has tremendous growth potential in the UK.”