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Atlantis Resources acquires tidal project assets from ScottishPower Renewables

CTBR Staff Writer Published 09 May 2016

Atlantis Resources announced the acquisition of Scottish tidal project assets from ScottishPower Renewables (UK) in exchange for a stake in the Company’s wider development portfolio.

Accordingly, as consideration for the acquisition, Tidal Power Scotland Limited ("TPSL") has issued new ordinary shares to SPR resulting in a shareholding for SPR of 6% of the enlarged share capital of TPSL.

As a result of the transaction, TPSL has acquired development rights for an additional 110MW of projects in Scotland, including the seabed rights, grid access and consents for the 10MW Sound of Islay project.

TPSL is the holder of the Company's Scottish development portfolio, including an 85% shareholding in the 398MW MeyGen project.



Source: Company Press Release