February 5 (Renewables Now) - SIMEC Atlantis Energy Ltd (LON:SAE) said today it has raised GBP 3.79 million (USD 4.95m/EUR 4.49m) through the bond offer announced in August 2019.
The company offered the five-year bond with a coupon of 8% on Abundance Investment’s regulated green peer-to-peer investment platform. The financial instrument matures in 2024.
When announcing the offering last year, SIMEC Atlantis said it was hoping to raise up to GBP 7 million.
"We are pleased by the response to this bond issuance. The proceeds will be deployed to further the successful delivery of our world leading portfolio of renewable and sustainable energy projects, such as the Uskmouth power station conversion in Wales which is entering a particularly exciting phase of development this year,” said CEO Tim Cornelius.
SIMEC Atlantis is also the company behind the 398-MW MeyGen tidal stream project in Scotland.
(GBP 1.0 = USD 1.307/EUR 1.185)