Construction News

20/04/2016

Atlantis Raises £6.5m To Fund Tidal Power Schemes

Around £6.5 million has been raised by tidal power firm Atlantis Resources to help fund project development work.

The funding will be used to finance projects across the company's portfolio, including five project sites with an aggregate potential capacity of almost 640MW.

The firms flagship 398MW MeyGen tidal energy scheme in the Inner Sound of the Pentland Firth is expected to begin producing power during the second half of 2016.

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The project involves installing tidal turbines in the sea to generate renewable electricity for the national grid.

In addition, Atlantis intends to use the raised funds to help achieve financial close for its 10MW Sound of Islay project on the west coast of Scotland.

CEO of Atlantis, Tim Cornelius, said: "Through this successful placing both existing and new shareholders have demonstrated their support for Atlantis, our recent achievements and our ambitions for the future – both in the immediate and longer term. We look forward to working with our partners to further the development of the tidal stream industry in the UK and beyond."

(LM)

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