Scottish Enterprise welcomes ScottishPower Renewables and Atlantis Resources announcement

Atlantis’s Scottish project development vehicle, Tidal Power Scotland Limited (“TPSL”), will acquire SPR’s portfolio of tidal projects in exchange for a 6% shareholding in TPSL for SPR. As a shareholder, SPR will have a representative on the TPSL board, ensuring that the enlarged portfolio can benefit from its experience in renewable energy development and operations, and demonstrating commitment to the future of tidal power in the UK.

The SPR tidal power portfolio consists of two sites, a 10MW project at the Sound of Islay in western Scotland and a 100MW development at the Ness of Duncansby at Scotland’s north eastern tip. The projects will sit alongside the flagship 398MW MeyGen project, which is 85% owned by TPSL.

Scottish Enterprise, via its Renewable Energy Investment Fund (REIF), is investing up to £18.5million in the MeyGen project.

Welcoming the announcement, Andrew Smith, Head of REIF said:

“REIF has supported the MeyGen project and the Atlantis business, which are playing a key part in helping Scotland’s tidal industry to grow. The entry of Scottish Power as a shareholder in the business is a significant step towards the scaling up of the sector and the aim of creating a world centre of excellence in Scotland. There will also be some great opportunities for Scottish supply chain businesses in assisting Atlantis in delivering the impressive portfolio of projects.”