Atlantis Resources has agreed to sell its 50% stake in Atlantis Operations (Canada) Limited (AOCL) to its partner DP Energy, at the FORCE facility in the Bay of Fundy, Nova Scotia, Canada.
Following the conclusion of the sale, AOCL will be renamed, the company said.
The cash transaction is subject to satisfaction of certain conditions, including receipt of required approval from the Nova Scotia Minister of Energy.
The completion of the transaction 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 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.
“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. “