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Atlantis Resources offloads Canadian joint-venture to partner
AIM-listed tidal power group Atlantis Resources has agreed to sell its stake in its Canadian joint venture in the Bay of Fundy, Nova Scotia to its partner DP Energy.
Atlantis and DP Energy entered into a conditional sale and purchase agreement for the sale of Atlantis' 50% interest in Atlantis Operations (AOCL) on Friday.
The cash transaction, completion of which was still subject to certain conditions, including receipt of required approval from the Nova Scotia Minister of Energy, enabled DP Energy to take a more "integrated approach" to the development of AOCL's berths, Charlie and Echo, at the FORCE facility.
Tim Cornelius, Atlantis' chief executive, said, "I am pleased that we have agreed [to] 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," he added.
As of 1000 GMT, shares had fallen back 0.57% to 35.05p.