Tidal power consultant Atlantis has formed a partnership with Equitix to invest almost £500 million in its Scottish tidal power projects.

The deal will see schemes representing a combined portfolio of almost 650MW financially boosted over a two-year period.

Equitix intends to acquire at least 25% of each Atlantis project, an investment of over £100m.

The £500m contribution includes £51m already committed to the current construction on Phase One of the iMeyGen project in the Pentland Firth.

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The scheme is scheduled to begin operations later this year.

Tim Cornelius, CEO of Atlantis, said: "This agreement with Equitix, a leading infrastructure investment specialist, 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.

Nick Parker, COO and Founding Director of Equitix, added: "We are delighted to be entering into this partnership agreement with Atlantis, the clear market leader in the tidal energy industry which secures access to a pipeline of primary investment opportunities and has tremendous growth potential in the UK."

(LM)