Tidal developer Simec Atlantis Energy has launched a third bond offer with peer-to-peer platform Abundance Investment.
Atlantis wants to raise a maximum £7m from the offer expected to close by 31 October.
The bonds will have substantially the same terms as the £5m 8% bonds due 2022 and the £5m 8% bonds due 2023 issued, respectively, via the Abundance platform in July 2017 and in 2018.
The proceeds of the issue will be used to progress the Atlantis project pipeline, including consenting and engineering studies for its proposed 7-20MW pilot tidal in the Raz Blanchard off the Normandy coast of France.
“The bonds will help us continue work on amazing and world leading projects such as the Uskmouth power station conversion. These bonds will help us towards our ambition of becoming one of the largest and most diversified renewable energy companies on the London Stock Exchange,” said SIMEC Atlantis CEO Tim Cornelius.
Abundance managing director Bruce Davis added: “Abundance investors have been at the forefront of supporting the low-carbon transition and we expect our customers…to embrace this opportunity to build on the success of our two previous green bonds for Atlantis, with this third offer.”