The power group behind a world-leading tidal energy scheme in Scotland has extended the deadline for a bond offer to accelerate its expansion plans after raising less than a third of what it had been looking for.
Simec Atlantis, which operates the MeyGen tidal energy project in the Pentland Firth, announced plans in August to raise up to £7 million through peer-to-peer lending platform Abundance.
Funds would be used for projects including Simec's Uskmouth power station conversion, the Raz Blanchard tidal power project in the Channel Islands and general working capital.
In an update today the company, which has its operational headquarters in Edinburgh said investor commitments have passed £1.8 million. It is now extending the offer for the proposed five year bond to investors to 31 January 2020.
When the offer was announced, chief executive Tim Cornelius said the bond offer “represents a chance for investors to help Atlantis to grow and share in our future financial success”.
“These bonds will help us towards our ambition of becoming one of the largest and most diversified renewable energy companies on the London Stock Exchange,” he added.
Simec Atlantis has already raised £10 million from bonds issued through the Abundance platform in July 2017 and 2018.
Last week Simec Atlantis revived its plan to acquire Perth-based Green Highland Renewables, the Perth-based project development, asset management, operation and maintenance business, for a nominal sum of £1.
