Atlantis Sells Canadian Stake To Concentrate On UK, Europe And Asia
6th January 2018
Atlantis, a global leader in the tidal power sector, is pleased to announce that it has agreed to sell its stake in its Canadian joint venture to its partner DP Energy, a leading renewable energy developer, at the FORCE facility in the Bay of Fundy, Nova Scotia, Canada.
Atlantis and DP Energy have entered into a conditional sale and purchase agreement for the sale of Atlantis' 50% interest in Atlantis Operations (Canada) Limited ("AOCL") which will be renamed after the sale is completed.
The cash transaction, completion of which is subject to satisfaction of certain conditions, including receipt of required approval from the Nova Scotia Minister of Energy, would enable DP Energy to take a more integrated approach to the development of the AOCL berth named ‘Charlie' alongside its other managed berth ‘Echo' at the FORCE facility.
This transaction will allow Atlantis' project development team to focus on other opportunities in the UK, Europe and Asia and will enable the DP Energy team, who are experienced in renewable energy project development in Canada, to further focus their efforts on the successful development of the tidal in-stream power generation sector in Nova Scotia.
Post completion, Atlantis' Turbine and Engineering Services Division will continue to participate in all future tenders in Canada as an equipment and services supplier.
Tim Cornelius, Atlantis CEO, said:"I am pleased that we have agreed this sale with DP Energy. They have experience and presence in Canada and are well suited to delivering successful projects in Nova Scotia. Following completion of this transaction, Atlantis will continue to actively offer and market its world leading turbine systems, subsea connection equipment, offshore construction and project management services to all developers in Nova Scotia at FORCE and as the larger arrays are built out in the Bay of Fundy. Canada remains an important growth market for the Group.
"The transaction also affords us the opportunity to focus on our ongoing successful development programme at Meygen in Scotland and pursue our ambitions to develop on identified opportunities for us in France, South Korea, The Philippines and other South East Asian locations."
Simon De Pietro, DP Energy Director, said:"DP Energy is fully committed and very pleased to be working with the Nova Scotia Government to promote the development of tidal energy as a major source of renewable electricity production in Canada and we remain eager to take on the exciting challenges provided by the tidal resource in the Bay of Fundy. The transaction adds further depth to the rapidly expanding portfolio of renewable energy projects of the DP Energy group of companies worldwide. "
A major project for Atlantis is the Meygen project in the Pentland Firth which aims to have 261 turbines installed.