International tidal technology and project developer Atlantis Resources Limited bought MeyGen, Europe’s largest tidal power project.
Atlantis already held 10% of the company developing the project, MeyGen Limited. It has now bought the remaining equity from its joint venture partners Morgan Stanley and GDF SUEZ.
Morgan Stanley will remain Atlantis Resources’ largest shareholder.
The announcement comes shortly after the 398MW MeyGen project received its offshore planning consents from the Scottish Government.
Atlantis will now work with the Scottish Government, Department for Energy and Climate Change and The Crown Estate towards commissioning of the first MeyGen turbines in 2015.
Located in the Inner Sound development zone of Scotland’s Pentland Firth, the project was first proposed by Atlantis Resource’s project origination team in 2006.
The 3.5sq km area site is being developed in multiple stages, with first power expected in late 2015 or early 2016.
Atlantis is also working on sites in Canada, India and China, and is exploring options in several other locations around the world, said the firm.
It recently signed up Lockheed Martin as a technology partner, Lockheed Martin.
