Tidal energy specialist Atlantis Resources is establishing a new internal division which will focus on opportunities to develop, among others, subsea interconnectors and floating wind projects for those looking to invest in renewable and grid related projects.
The new division is part of the company’s diversification strategy which will leverage the existing skill set the company has accumulated during the progression of MeyGen, the world’s largest tidal power project, Atlantis said.
Apart from subsea interconnectors and floating wind, Atlantis Energy, as the new division will be known, will also be involved in the development of tidal barrage projects, tidal lagoon projects, and pumped storage projects on behalf of infrastructure funds, investment banks and private developers.
While the division will have a global remit, Atlantis Energy will initially focus on several near-term opportunities in the United Kingdom and Europe, Atlantis said.
The new division will be based in the company’s Edinburgh headquarters and will offer origination, development and project management services to infrastructure funds, banks and private developers seeking to develop their own project portfolios. It is expected that Atlantis Energy will be operational by the end of the first quarter 2017.
“We are aiming to establish ourselves as one of the world’s leading developers of wet renewables, and to be the partner of choice for infrastructure funds seeking to invest in interconnectors, tidal barrage, pumped storage, floating offshore wind and, of course, tidal stream projects,” Tim Cornelius, CEO of Atlantis, said.
”We have been scouring the UK, Europe and Asia for development and investment opportunities and we have already commenced due diligence on a short list of potential projects. We hope to be able to present these investment opportunities to a select group of infrastructure funds in H1 2017.”