Atlantis Resources has completed the acquisition of Scottish tidal project assets from ScottishPower Renewables (SPR) in exchange for a 6% stake in its wider development portfolio.
The deal involves Atlantis subsidiary Tidal Power Scotland gaining development rights for an additional 110MW of projects in Scotland.
This includes the seabed rights, grid access and consents for the 10MW Sound of Islay project, Atlantis said.
Tidal Power Scotland has issued new ordinary shares to SPR amounting to 6% of the enlarged share capital.
Tidal Power Scotland is the holder of Atlantis Resources’s Scottish development portfolio, including an 85% shareholding in the 398MW MeyGen project.
Image: Atlantis tidal turbine (Atlantis)
