SIMEC Energy and Atlantis Resources make deal over Uskmouth Power Station
SIMEC Energy, a company part of Sanjeev Gupta’s GFG Alliance, announced on 14 December its deal with the tidal power firm, Atlantis Resources Ltd.
Atlantis is to acquire SIMEC’s 363MW Uskmouth Power Station located in South Wales, whilst SIMEC Energy will acquire 49.99% of Atlantis.
Atlantis will be rebranded as SIMEC Atlantis Energy Ltd, and will become part of Sanjeev Gupta’s GFG Alliance.
SIMEC Atlantis Energy aims to build a diversified green power enterprise that expands across the globe.
The company will drive forward the £200mn (US$266mn) renewable energy conversion of the Uskmouth station.
The conversion will be in addition to the development of the Meygen tidal stream project located in Scotland, as well as the tidal barrage project in the Wyre Estuary, Lancashire.
“We believe in marine energy and in SIMEC Atlantis’ position as the sector champion,” remarked the Chief Investment Officer and Chief Executive of SIMEC Energy, Jay Hambro.
“Atlantis has an excellent track record of delivery in renewable power projects, so our partnership with them will ensure the successful conversion of Uskmouth power station. We intend the South Wales site to be a centre of excellence for renewable power technologies and a hub for green power generation.”
“This transaction forms a major part of our ambition to create 1gigawatt of renewable energy capacity in the UK within the next three years.”