The world's first and longest tidal-electricity generation project was sold to Atlantis as part of the sale agreement of Marine Current Turbines.
Atlantis, a global leader in tidal power, bought the U.K.-based tidal company from Siemens, creating one of the U.K.'s largest portfolios of tidal current power projects, Atlantis announced Wednesday.
The agreement includes the acquisition of the British tidal turbine business with extensive seabed rights, existing projects, staff and intellectual property.
With the new deal, the tidal giant will own SeaGen system, the world's first utility scale electricity generating tidal stream project which has been operating for over five years in Northern Ireland. The system has the longest track record of tidal electricity generation totaling 10 gigawatt hours of electricity.
The existing six projects purchased under the agreement expands Atlantis's reach to Wales, Northern Ireland, Southern England and Scotland.
Atlantis will gain further potential to increase its project development capacity by 200 megawatts to add to its existing capacity and reach 600 megawatts in total.
“We are delighted to be acquiring this leading British tidal power company from Siemens which firmly positions Atlantis as a leader in U.K. tidal power and globally,' commented Tim Cornelius, CEO of Atlantis.
In 2012 Siemens had fully acquired Marine Current Turbines, established in 2000.
By Zeynep Beyza Karabay
Anadolu Agency
zeynep.karabay@aa.com.tr