Edinburgh-based renewable energy developer Atlantis Resources has raised over £1 million in its ongoing bond offer launched two weeks ago.
The bond offer, launched on January 31, 2018, has so far brought in £1,042,202 from investors, while the remaining £3,257,797 are expected to be raised over the first quarter of 2018.
Targeting the maximum amount of £5 million, the proposed five-year bond matures in 2023 and has a fixed 8% interest which is payable semi-annually.
The minimum amount for the bond offer has been set at £2 million, Atlantis said earlier.
The company plans to use the money raised in this offer to help fund the conversion of the Uskmouth power plant – recently acquired through the reverse takeover agreement with SIMEC Group.
The funds will also go towards the development of a power and flood protection system across the Wyre estuary, which could be in construction as soon as 2021, it is said on the Abundance Investment platform .
“In common with MeyGen, the Wyre estuary power project is expected to be a trailblazer, unlocking more of the opportunity for large-scale, long term renewable power from our seas,“ Abundance Investment platform states.