January 31 (Renewables Now) - Tidal power company Atlantis Resources (LON:ARL) today launched a five-year bond seeking to raise between GBP 2 million (USD 2.8m/EUR 2.3m) and GBP 5 million.
The company has launched the bond through the regulated green peer-to-peer investment platform operated by Abundance Investment Ltd. It expects the offering to close this quarter.
The bond has a coupon of 8%, payable semi-annually, and matures in 2023. It has the same terms as those of the GBP-5-million, 8% bonds due 2022 issued via the Abundance platform in July 2017.
“The bonds will help us commence work on transformational projects such the Uskmouth power station conversion and the Wyre tidal gateway project,” said CEO Tim Cornelius. A portion will also cover the repayment of more expensive debt and to provide general working capital for the group.
As announced in December, Atlantis is acquiring the owner of the Uskmouth coal-fired power plant in South Wales, in exchange for stock representing a 49.99% stake in the tidal power company. Atlantis plans to convert the Uskmouth facility so that 220 MW of its capacity would use an end-of-waste energy pellet as fuel.
(GBP 1.0 = USD 1.418/EUR 1.140)