Atlantis diversifies into other offshore renewables

Atlantis Resources is establishing a new unit with expanded offering which now includes non-tidal stream projects such as tidal lagoon, tidal barrage and offshore wind projects.

As part of its diversification strategy, Atlantis Resources has launched a new internal division called Atlantis Energy that will focus on development of subsea interconnectors, tidal barrage projects, tidal lagoon projects, floating offshore wind opportunities and pumped storage projects.

The projects will be developed on behalf of infrastructure funds, investment banks and private developers who are looking to invest in renewable and grid related projects in the UK, Atlantis informed.

The new division will be based in the Atlantis’ Edinburgh headquarters, and will initially focus on several near-term opportunities in the United Kingdom and Europe. It is expected that Atlantis Energy will be operational by the end of the first quarter of 2017.

Tim Cornelius, CEO of Atlantis, said: “We are aiming to establish ourselves as one of the world’s leading developers of wet renewables, and to be the partner of choice for infrastructure funds seeking to invest in interconnectors, tidal barrage, pumped storage, floating offshore wind and, of course, tidal stream projects.

“We have been scouring the UK, Europe and Asia for development and investment opportunities and we have already commenced due diligence on a short list of potential projects. We hope to be able to present these investment opportunities to a select group of infrastructure funds in the first half of 2017.”

Cornelius noted that the move will not dilute Atlantis’ focus on developing projects from its tidal stream portfolio.