Atlantis announces that its bond offer has raised £3.79 million (US$4.9 million) and is now closed.
The five-year bond has a coupon of 8%, payable semi-annually, and matures in 2024. The bond was offered through Abundance Investment Limited, the provider of a regulated green peer-to-peer investment platform.
When Atlantis launched the bond in August 2019, it said: “the proceeds of the issue will be used to progress and accelerate the development of opportunities in the Atlantis project pipeline, including funding the remaining development activities for the Uskmouth power station conversion project [converting a coal-fired plant to biomass] and consenting and engineering studies for the proposed Raz Blanchard tidal power project, and to provide general working capital to be used in the development of the Atlantis group’s business and project portfolio.”
“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 Tim Cornelius, chief executive officer of Atlantis. “We are committed to providing solutions for the transition to a low carbon economy across our marine, end-of-waste and hydro project and we would like to thank Abundance and its investors for their continued support. We look forward to delivering strong financial success for all our stakeholders.”
SIMEC Atlantis Energy is a global developer, owner and operator of sustainable energy projects, with a portfolio of about 1,000 MW in various stages of development. This includes a 77% stake in the MeyGen tidal stream power project and 100% ownership of the 220-MW Uskmouth power station conversion project. Atlantis recently acquired the operations and management division of Green Highland Renewables, a developer and operator of hydro projects throughout the UK.
Located in the Pentland Firth, north of Scotland, the MeyGen project has been providing power to the UK grid for more than 1.5 years, after Atlantis completed installation of four generating units at the site in 2017.
