March 13 (Renewables Now) - The shareholders of Atlantis Resources (LON:ARL) will be able to vote on the tidal energy company’s proposed tie-up with a GFG Alliance business at a meeting in the second quarter of the year, Atlantis said today.
As announced in December, Atlantis has agreed to acquire a coal-fired power plant in South Wales from GFG Alliance’s energy, infrastructure and natural resources business -- SIMEC Group Ltd. In exchange for the ownership of the facility, Atlantis will transfer a 49.99% company stake to SIMEC.
Today, Atlantis said in a statement that it has been making good progress on the acquisition of the Uskmouth power station in Wales. If the transaction, classed as a reverse takeover, gets stockholder clearance, Atlantis will recommence trading as SIMEC Atlantis Energy shortly thereafter, it noted.
Thus, the two parties will establish a listed platform to own and operate a global portfolio of renewable generation assets, not limited to tidal energy.
Atlantis wants to acquire the Uskmouth plant and convert it so that 220 MW of its capacity would use an end-of-waste energy pellet as fuel. There is also the option to convert a third unit at the facility in future. This would bring the plant’s total capacity to 330 MW.
“Once we have completed this transaction, management is intent on growing SIMEC Atlantis Energy to provide attractive returns to our shareholders as a diversified renewable energy company with a balanced mix of mature operational assets as well as appropriate greenfield development projects,” said CEO Tim Cornelius.
In addition to being engaged in the manufacture of tidal energy turbines, Atlantis is the company behind the 398-MW MeyGen tidal energy project in Scotland.