The AR1500 tidal energy turbine. Source: Lockheed Martin
Marine power developer Atlantis Resources Ltd (LON:ARL) plans a bond offer to raise further funds for its activities.
The company said today it is working with green investment platform Abundance Investment Ltd to prepare the offer with a target launch date at the end of June. Atlantis is looking to raise up to GBP 5 million (USD 6.4m/EUR 5.7m) through the platform. The bonds are expected to have a term of five years and a coupon of 8% to be paid semi-annually.
Atlantis said that together with its recent GBP-4.05-million equity issuance, the bond offer will provide funds for business growth. It intends to use the resources "to progress and accelerate the development of the best opportunities in the Atlantis project pipeline." The money is also expected to be used to repay some more expensive debt and for general working capital.
Atlantis is the developer of the 398-MW MeyGen tidal stream project in the Pentland Firth, Scotland.