Atlantis buys out 398MW tidal project as it aims for Asia market | RenewEconomy

Atlantis buys out 398MW tidal project as it aims for Asia market

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Australian-founded and managed Atlantis Resources buys 100% of 398MW tidal energy project in Scotland; seeks new projects in India, China and Canada.

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The Australian-founded and managed tidal energy company Atlantis Resources Corp has bought 100 per cent of the 398MW tidal wave energy project in Scotland, the largest in Europe.

Atlantis, a marine turbine company which was formed in Australia but moved to Singapore to better access finance, bought the outstanding shares from GDF Suez and Morgan Stanley, the investment bank which owns a majority stake in Atlantis. Atlantis already held a 10 per cent stake in the project.

MeyGen recently received offshore planning consents from the Scottish government, which aims to be 100 per cent renewable by 2020. The first turbines are expected to be installed in 2015.

“The size, location and tidal resource of MeyGen make it one of the most exciting marine energy projects under development anywhere in the world,” Atlantis CEO Tim Cornelius said in a statement.

“Having first established the MeyGen project back in 2006, we are very pleased to again have overall control of the project as the lead project developer, as we enter the final straight towards first array deployment.

“We are hugely excited about the site’s potential and look forward to continuing to work with the existing project team on its successful realisation.”

Cornelius said the project would also help its “wider strategic objectives”, which include sites in China, India and Canada.

Atlantis is working with its technology partner Lockheed Martin to develop these and other projects in the UK, Europe and Asia and north America.

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  1. Lifeboatman 7 years ago

    But not Australia! I wonder why? We have some of the highest tides in the world in King Sound WA.

    • Michel Syna Rahme 7 years ago

      yep, how about Darwin, a city with transmission lines ready to go next to a coastal area dictated by the tides….I learnt the hard way all about those damn tides, 20 something years ago as an ‘are we there yet’ kid aboard my parents little yacht…..

      After sailing from Cape York and seeing Sir Peter Blake wave to us, as his space ship silently flew by on the faint wind that hardly caused a ripple on the glassy blue ocean under the clear blue sky as we sat drifting in the Gulf of Carpentaria – I remember wanting a ship like that…all I could see was the all red Steinlarger One sail away until all I could see again was just two shades of blue, a yellow star, and our limp sails not even flapping about. I wished our boat sailed that fast (a wish that never came true)!

      Finally, entering Van Dieman Gulf heading towards Darwin, I experienced my parents little yacht actually going backwards – oh the anguish from going backwards when so close to being able to touch the ground and into an adventure – sailing into the 5 knot current and seeing the coast I stared at intently go backwards – that damn tide – asking every minute “has the tide had changed yet”, “has the tide had changed yet”, so our little yacht would be catapulted nearly as fast as the big red space ship I was hoping to see again so I could be sure it was real…. At last, as we arrived into the harbour near the marina, looking forward to jumping off and taking off on my skateboard, I was told I had to wait even longer until we could go through the water lock that kept water in the marina when the rest went gushing out Van Dieman’s Gulf to drive another kid crazy.

      I’ll never forget those bloody N.T tides… I hope next time I sail into Darwin, this time on a fast red space ship, I will be reading on the chart the markers to navigate around the ocean and tide turbines that will be giving power to the city! Bloody stupid if we don’t!

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