Atlantis already holds 10% of the company developing the project, MeyGen Limited. It has acquired the remaining equity from its joint venture partners Morgan Stanley and GDF SUEZ.
The 398 MW MeyGen project has just 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. The 3.5 km2 area site is being developed in multiple stages, with first power expected in late 2015 or early 2016.
“The size, location and tidal resource of MeyGen make it one of the most exciting marine energy projects under development anywhere in the world and Atlantis has been considering increasing the size of its shareholding for some time, subject to the award of consents,” said Tim Cornelius, CEO of Atlantis Resources.
“Having first established the MeyGen project back in 2006, we are very pleased to again have overall control of the project as the lead project developer, as we enter the final straight towards first array deployment. We are hugely excited about the site’s potential and look forward to continuing to work with the existing project team on its successful realisation.”
“Ownership of MeyGen will also serve one of Atlantis’ wider strategic objectives,” said Cornelius. “We are already actively working on sites in Canada, India and China, and are exploring options in several other locations around the world [...] We will seek to consolidate our position as one of the leading marine energy companies by building our project development pipeline in the UK, Europe, North America and the Far East in the coming years.”