Atlantis partners with Equitix to develop tidal power portfolio

4 April 2016 (Last Updated April 4th, 2016 18:30)

Tidal power company Atlantis has entered a partnership with infrastructure assets fund manager Equitix to develop its portfolio.

Tidal power company Atlantis has entered a partnership with infrastructure assets fund manager Equitix to develop its portfolio.

Through the partnership, Equitix's managed funds intend to acquire at least 25% of each Atlantis project vehicle at financial close.

Equitix, with more than £1.7bn of funds under management, will work with Atlantis to prepare the projects for investment of the construction capital and achievement of financial close.

Equitix chief operating officer Nick Parker said: "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."

"Atlantis currently has nearly 650MW of tidal power projects under development in Scotland."

Atlantis currently has nearly 650MW of tidal power projects under development in Scotland, which will require £500m in capital investment over the next two years.

The company has already arranged £51m for the current construction of the 6MW Phase I of the MeyGen project, which is scheduled to produce first power this year.

Following Phase I, MeyGen plans to continue to build-out the project's inner sound lease site to its full 398MW capacity.

Atlantis CEO Tim Cornelius 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."