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Atlantis in deal with Belgian firm

Tidal project valued at £100m after stake sale

tidal power turbineAtlantis Resources has sold a minority stake in Tidal Power Scotland (TPSL) to Belgian offshore construction firm DEME for £2 million in a cash deal that values the project at £100m.

DEME will take a 2% holding in TPSL and a right to contribute equity funding to the Sound of Islay project. It will work with Atlantis on its portfolio of Scottish projects.

The deal follows TPSL’s acquisition in December of the Sound of Islay project from ScottishPower Renewables (UK) and Ness of Duncansby in exchange for a 6% shareholding in TPSL.  Following the completion of the DEME and SPR transactions, Atlantis will retain a 92% stake in TPSL.

The DEME group has a fleet of more than 90 major construction vessels and turnover in 2015 was €2.35 billion.

Tim Cornelius, CEO of Atlantis, said: “We are excited to welcome DEME as a strategic investor into the TPSL portfolio. As a respected global leader in offshore renewable energy installation, DEME brings a wealth of expertise and we are particularly excited to work closely with them to help deliver our Scottish project pipeline.”

Alain Bernard, CEO of DEME group, added: “This transaction is a vital move for the DEME group in fulfilling its ambitions to be at the forefront of the growing tidal energy industry.

“Moreover, it consolidates the company’s presence in the UK as DEME’s involvement in the UK offshore business dates back to the early years of offshore wind.  We look forward to working alongside Atlantis and SPR as shareholders in TPSL to develop and construct this unrivalled portfolio of projects.”

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