SIMEC Atlantis Energy, the company behind the MeyGen tidal project in the Pentland Firth, has raised a further £3.79 million by issuing a bond on the Abundance crowdfunding platform.
The firm, which is quoted on the Alternative Investment Market (AIM), unveiled its latest five-year bond in August, offering 8% interest. The bond will pay interest twice a year and finishes in 2024.
Atlantis had previously raised £4.95 million through Abundance in 2017 by issuing two bonds. Abundance specialises in raising finance for “green” companies, with previous Scottish deals including £7 million for Orbital Marine Power, formerly Scotrenewables, for its floating tidal power project off the coast of Orkney, and £4.38 million for Grangemouth-based Celtic Renewables’ plant to turn waste from the whisky industry into biofuels.
Tim Cornelius, chief executive at Atlantis, said: “We are pleased by the response to this bond issuance. The proceeds will be deployed to further the successful delivery of our world leading portfolio of renewable and sustainable energy projects, such as the Uskmouth power station conversion in Wales, which is entering a particularly exciting phase of development this year.
“We are committed to providing solutions for the transition to a low-carbon economy across our marine, end-of-waste and hydro project and we would like to thank Abundance and its investors for their continued support. We look forward to delivering strong financial success for all our stakeholders.”
