Atlantis Resources Limited Canadian FORCE Facility
January 05 2018 - 2:00AM
RNS Non-Regulatory
TIDMARL
Atlantis Resources Limited
05 January 2018
5 January 2018
Atlantis Resources Limited
("Atlantis" or the "Company")
Canadian FORCE Facility
Atlantis, a global leader in the tidal power sector, is pleased
to announce that it has agreed to sell its stake in its Canadian
joint venture to its partner DP Energy, a leading renewable energy
developer, at the FORCE facility in the Bay of Fundy, Nova Scotia,
Canada.
Atlantis and DP Energy have entered into a conditional sale and
purchase agreement for the sale of Atlantis' 50% interest in
Atlantis Operations (Canada) Limited ("AOCL") which will be renamed
after the sale is completed.
The cash transaction, completion of which is subject to
satisfaction of certain conditions, including receipt of required
approval from the Nova Scotia Minister of Energy, would enable DP
Energy to take a more integrated approach to the development of the
AOCL berth named 'Charlie' alongside its other managed berth 'Echo'
at the FORCE facility.
This transaction will allow Atlantis' project development team
to focus on other opportunities in the UK, Europe and Asia and will
enable the DP Energy team, who are experienced in renewable energy
project development in Canada, to further focus their efforts on
the successful development of the tidal in-stream power generation
sector in Nova Scotia.
Post completion, Atlantis' Turbine and Engineering Services
Division will continue to participate in all future tenders in
Canada as an equipment and services supplier.
Tim Cornelius, Atlantis CEO, said:
"I am pleased that we have agreed this sale with DP Energy. They
have experience and presence in Canada and are well suited to
delivering successful projects in Nova Scotia. Following completion
of this transaction, Atlantis will continue to actively offer and
market its world leading turbine systems, subsea connection
equipment, offshore construction and project management services to
all developers in Nova Scotia at FORCE and as the larger arrays are
built out in the Bay of Fundy. Canada remains an important growth
market for the Group.
"The transaction also affords us the opportunity to focus on our
ongoing successful development programme at Meygen in Scotland and
pursue our ambitions to develop on identified opportunities for us
in France, South Korea, The Philippines and other South East Asian
locations."
Simon De Pietro, DP Energy Director, said:
"DP Energy is fully committed and very pleased to be working
with the Nova Scotia Government to promote the development of tidal
energy as a major source of renewable electricity production in
Canada and we remain eager to take on the exciting challenges
provided by the tidal resource in the Bay of Fundy. The transaction
adds further depth to the rapidly expanding portfolio of renewable
energy projects of the DP Energy group of companies worldwide.
"
Enquiries:
Atlantis Resources via FTI Consulting
Tim Cornelius, Chief Executive
Officer
Andrew Dagley, Chief Financial
Officer
DP Energy
Simon De Pietro, Chief Executive
Officer
John Kerr, DP Energy Canada +353 (0) 87 9722399
Director +353 (0) 86 2513899
Cantor Fitzgerald Europe
(NOMAD and Joint Broker to +44 (0)20 7894
Atlantis) 7000
Andrew Craig
Richard Salmond
Macquarie Capital (Europe)
Limited +44 (0)20 3037
(Joint Broker to Atlantis) 2000
Rob Mansley
Nick Stamp
+44 (0)20 3727
FTI Consulting 1000
Ben Brewerton
Alex Beagley
James Styles
This information is provided by RNS
The company news service from the London Stock Exchange
END
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