GFG Alliance is to buy a significant stake in Atlantis Resources, a tidal power developer, with a view to building a larger renewable power group that would help to fuel its factories. GFG, the industrial conglomerate controlled by the billionaire Sanjeev Gupta, is folding its power station in Uskmouth, south Wales, into Atlantis. In return GFG is taking a 49.99 per cent holding in the Aim-quoted company, which is to be renamed Simec Atlantis Energy. Atlantis Resources was formed to develop tidal energy projects in 2005. It employs 65 people, with the bulk at its headquarters in Edinburgh. Its Meygen scheme in the Pentland Firth off the north coast of Scotland is one of the most advanced tidal power projects in the world and has been generating electricity since last year. Tim Corneliu s, chief executive of Atlantis, said Meygen was one of the reasons GFG was attracted to the business. GFG, a Â£7.5 billion turnover consortium with interests around the world in steel, commodities and energy, has been investing heavily in the UK in recent years by acquiring steel plants from Tata, industrial sites and renewables assets in England, Scotland and Wales. It believes much of its industrial activity in the UK can be powered from renewable sources, ushering in a more environmentally friendly era of heavy manufacturing.
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Simec Atlantis Energy aims to build a highly diversified, global green power enterprise, driving forward the £200 million conversion to renewable energy of Uskmouth power station in South Wales, in addition to the development of the trailblazing Meygen tidal stream project in Scotland and the Wyre Estuary tidal barrage project in Lancashire.
The National 15th Dec 2017 read more »
Billionaire industrialist Sanjeev Gupta plans to create a new listed renewable energy giant by breathing life into tidal power company Atlantis Resources. Aim-listed Atlantis will buy the aging Uskmouth coal plant in South Wales from Simec Energy, a subsidiary of Mr Gupta’s $10bn turnaround group GFG Alliance. In return Simec will take a 49.9pc stake in Atlantis, which will be renamed Simec Atlantis Energy. The £200m plan will see Uskmouth converted from coal to burning renewable biomass pellets. The deal creates a “highly-diversified, global green power enterprise”, which is expected to grow further through a string of similar deals with Simec Energy in the future. Simec is also behind plans for a string of remote Scottish tidal power turbines.
Telegraph 14th Dec 2017 read more »