Atlantist has completed the acquisition of Scottish tidal project assets from ScottishPower Renewables (UK) Limited (SPR) in exchange for a stake in Tidal Power Scotland Limited (TPSL).
Accordingly, as consideration for the acquisition, TPSL) has issued new ordinary shares to SPR resulting in a shareholding for SPR of 6% of the enlarged share capital of TPSL.
As part of the transaction, TPSL has acquired SPR’s entire tidal power portfolio, comprising the 10 MW Sound of Islay site in western Scotland and the 100 MW Ness of Duncansby site, immediately to the east of Atlantis’s flagship 398 MW MeyGen project in north-eastern Scotland. TPSL already owns 85% of the MeyGen project company, with the remainder held by Scottish Enterprise.
The project assets include agreements for lease with The Crown Estate for both sites, and the Sound of Islay site also has a grid connection offer and construction consents from the Scottish Ministers. The Sound of Islay project has been awarded €20.7 million of grant funding from the European Commission’s NER300 fund by way of capital and revenue support.