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DP Energy to buy Atlantis out of Canadian tidal power JV

The AR1500 tidal energy turbine. Source: Lockheed Martin

January 5 (Renewables Now) - Tidal power developer Atlantis Resources Ltd (LON:ARL) has agreed to exit in full its Canadian joint venture with Irish renewables developer DP Energy in order to focus on opportunities in the UK, Europe and Asia.

Atlantis announced today that it will sell, under certain conditions, its remaining 50% stake in Atlantis Operations (Canada) Limited (AOCL) to DP Energy in a cash transaction whose value was not disclosed.

AOCL holds a lease of a berth at the Fundy Ocean Research Centre for Energy (FORCE) in Nova Scotia's Bay of Fundy. Atlantis sold an initial 50% stake in the business to DP Energy back in 2015. The Canadian firm will be renamed following completion of the pending transaction.

Atlantis CEO Tim Cornelius said that Canada will continue to be an important growth market for the group and that Atlantis will still offer and market its turbines and services to all developers in Nova Scotia at FORCE. Its Turbine and Engineering Services division will continue to take part in future tenders in Canada as an equipment and services supplier.

"The transaction also affords us the opportunity to focus on our ongoing successful development programme at Meygen in Scotland and pursue our ambitions to develop on identified opportunities for us in France, South Korea, The Philippines and other South East Asian locations," Cornelius added.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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