Tidal Energy Firm Invest £500m in Scotland



Tidal power company Atlantis will invest almost £500 million in Scotland over the next two years.

The company has entered into a partnership with investment firm Equitix to "advance Atlantis's portfolio of tidal power projects in Scotland".

The Atlantis investment includes £51m already committed to the first phase of its iMeyGen project in the Pentland Firth, scheduled to produce power this year.

Atlantis chief executive Tim Cornelius said:

"This agreement with Equitix is an important step in engaging a partner with both vital experience of large infrastructure projects and access to extensive capital, coupled with a desire to accelerate the further development of the tidal power industry."

Equitix director Nick Parker added:

"We are delighted to enter into this partnership agreement with Atlantis, the clear market leader in the tidal energy industry."

Kenneth Gibson commented:

"This £500 million commitment shows investors have faith in Scotland's tidal power industry, which has an increasingly bright future.

"There is tremendous potential for growth of our tidal renewables sector.

"Scotland has some of the most powerful tides in Europe and is well placed to lead the development of an important technology which will provide clean, dependable renewable energy, help cut climate emissions and create skilled, green jobs."