Tidal power specialist Atlantis Resources 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 after completing a deal with ScottishPower Renewables.
Atlantis completed the acquisition of Scottish tidal project assets from ScottishPower Renewables in exchange for a stake in the company’s wider development portfolio.
The acquisition was completed through a wholly owned subsidiary – Tidal Power Scotland – which has issued new ordinary shares to ScottishPower Renewables giving it 6% in the the enlarged share capital.
Tidal Power Scotland is the holder of Atlantis’ Scottish development portfolio, including an 85% shareholding in the 398MW MeyGen project.
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