Atlantis Resources buys tidal power assets from Scottish Power

17th Dec 2015 10:32

(ShareCast News) - Tidal energy asset manager Atlantis Resources has agreed to buy two projects from Scottish Power Renewables in an all-share deal.Atlantis will buy the remaining 6% stake in Scottish Power's tidal development company, Tidal Power Scotland Limited, that it does not already own. The deal is valued at £6.6m.Tidal Power will buy Scottish Power's entire tidal energy portfolio as part of the deal. The portfolio includes the 10MW Sound of Islay site in western Scotland and the 100MW Ness of Duncansby site."This is another step in consolidation of the tidal industry as we pull together with SPR to create what is certainly the largest portfolio of tidal power projects in the UK, if not the world," said Tim Cornelius, chief executive of Atlantis."By 2022, we aim to have almost 650MW of installed tidal power in Scotland alone, generating clean and predictable energy to meet Scotland's green energy ambitions, and establishing a new export industry for the future which builds on the existing supply chain and expertise of decades of offshore experience."Atlantis also owns Marine Current Turbines, which it bought from Siemens AG in an all-share deal earlier this year.Scotland is looking to source 100% of its power from renewable energy within the next 10 years, compared to 50% last year. A quarter of Europe's tidal resources is in Scotland, according to the country's government, and it has about 10% wave-power potential.At 0802 GMT, shares fell 1.49% to 33p.