CREATION OF SIMEC ATLANTIS ENERGY
The boards of directors of Atlantis and SIMEC UK Energy Holdings Limited (SIMEC), a GFG Alliance company, are pleased to announce that that they have signed a conditional share purchase agreement pursuant to which Atlantis has agreed to acquire the entire issued share capital of SIMEC Uskmouth Power Limited (SUP)
The SIMEC group already owns an interest in Tidal Lagoon plc, the company developing tidal lagoon opportunities in Wales and north-west England. The Acquisition provides a means for SIMEC to obtain a material stake in Atlantis’s portfolio of tidal stream and barrage projects, including Atlantis’s flagship MeyGen project in northern Scotland and the Wyre estuary project in Lancashire as well as international opportunities in Europe, Asia and North America. The broader transaction provides a route to further diversification and growth of this portfolio through engagement with the GFG Alliance.
SUP is the owner of a power plant in South Wales (the “Plant”), and following completion of the Transaction it is intended that 220 MW of capacity at the Plant will be converted to use an end-of-waste energy pellet as fuel. The converted Plant, which is intended to enter commercial operations in 2020, will sell all its power under two 20 year power purchase agreements (“PPAs”) to GFG Alliance companies, and will receive fuel under a proposed 20 year fuel supply.
The Transaction is anticipated to be the first of a number of acquisitions from the GFG Alliance that will transform Atlantis into a diversified renewable energy company of scale owning high quality development and generating assets across the sustainable energy spectrum, supplementing its existing portfolio of assets. (Source and image: Atlantis /Meygen Project Atlantis tidal turbine deployment)
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