SIMEC Atlantis Energywas founded more than a decade ago as Atlantis Resources. It has been quoted on London’s AIM for three years. Its core business is to develop, finance, construct and operate large scale renewable energy projects in North America, Europe, Asia and emerging markets. It claims 1000MW (megawatts) of power projects in various stages of development. Its flagship asset so far has been the 6MW MeyGen tidal stream turbine project in the Pentland Firth offshore Scotland, which it says is the world’s largest tidal stream array. The array has the potential to develop a further 380MW of power on its acreage on the seabed. But plans to grow the size of MeyGen have been put on hold because of lack of funding. This being the case Atlantis decided instead to change tack. In December 2017 a deal was announced to create a diversified renewable energy platform by agreeing to acquire Uskmouth Power Ltd a 220MW plant in Wales from SIMEC Energy, member of the GFG Alliance. SAE’s plan is to convert the power plant to a facility that uses end-of-waste pellets instead of coal.
Exchange: London AIM (ARL)
Financial Data from Exchange website: LSE Summary
Recent Financial Report: Annual Report 2017
Further Information: GFG is a London-headquartered international conglomerate that combines energy generation, metal manufacturing and financial services. It has total revenues of US$13 billion a year and net assets of around US$3.1bn, the company is owned by the Gupta family and is led by the London-born Sanjeev Gupta.SIMEC Atlantis Energy has been granted first refusal on GFG’s pipeline of renewable energy and energy storage assets including over 700MW of pump storage, hydro, onshore wind and solar. Development of the tidal stream projects remains an option.
Contact Details:
FTI Consulting
Ben Brewerton & Alex Beagley
200 Aldersgate Street, London
EC1A 4HD
Tel:+44 (0)20 3727 1000
Edinburgh Office:
4th floor, Edinburgh Quay 2,
139 Fountainbridge,
Edinburgh, EH3 9QG
Tel:: +44 131 659 9690
Chairman: John Neill
CEO: Timothy Cornelius
Short Description: Renewable energy projects focusing on marine tidal power.
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