Tidal energy developer Atlantis Resources has completed the acquisition of Scottish tidal project assets from ScottishPower Renewables (UK) in exchange for a stake in the company's wider development portfolio.
Atlantis subsidiary Tidal Power Scotland has issued new ordinary shares to SPR, resulting in a shareholding for SPR of 6% of the enlarged share capital of TPS. As a result of the transaction, TPS 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.
TPS is the holder of Atlantis' Scottish development portfolio, including an 85% shareholding in the 398MW MeyGen project.