Atlantis Resources has entered into a partnership agreement with infrastructure investment group Equitix to raise funds for its tidal power projects in Scotland.
Under the agreement, Equitix plans to acquire at least 25% in each Atlantis project vehicle at financial close of that project.
Besides, Equitix, which currently manages assets worth over £1.7bn, will work with Atlantis to prepare construction investment.
Atlantis CEO Tim Cornelius said: "This agreement with Equitix, a leading infrastructure investment specialist, is an important step for us in engaging a partner with both vital experience of large infrastructure projects and access to extensive capital, coupled with a desire to work with us to accelerate the further development of the UK’s tidal power industry. We are very excited to be working with Equitix on a range of fronts."
The Singapore-headquartered Atlantis expects that it needs a capital of about £500m to construct 650MW projects in Scotland over the next two years. The funding for the projects would be a combination of debt, equity and grants.
The company has already committed £51m for the first phase construction of the MeyGen project, which will start generating power this year. After the completion, the MeyGen facility is expected to produce 398MW of tidal power.
Equitix COO and founding director Nick Parker said: "We are delighted to be entering into this partnership agreement with Atlantis, the clear market leader in the tidal energy industry which secures access to a pipeline of primary investment opportunities and has tremendous growth potential in the UK."