DEME Completes Investment in Tidal Power Scotland Limited
- Business & Finance
Atlantis Resources informed that DEME Concessions NV, a member of the DEME Group, has completed its purchase of shares in Tidal Power Scotland Limited (TPSL).
Under the terms of the agreement announced in April, DEME has paid £2 million in cash consideration to a wholly owned subsidiary of Atlantis for a 2% stake in TPSL.
DEME will receive certain rights in respect of further equity funding at financial close of the Sound of Islay project and Phase 1C of the MeyGen project, the company explained.
In addition, the DEME is now taking an active role in the MeyGen Phase 1A installation through DEME’s subsidiary, Geosea.
Geosea, will install all heavy turbine foundation structures and some of the turbines for MeyGen Phase 1A using the jack-up vessel MV ‘Neptune’.
The vessel is expected to arrive at Nigg Energy Park in September to start equipment mobilization.