Marine energy developer says it is working with peer-to-peer investment platform Abundance on a bond offer
Leading tidal power developer Atlantis Resources has announced it is working on a new £5m bond offer with Abundance Investment Limited, the green peer-to-peer investment platform.
The marine energy company confirmed yesterday it was preparing an offer for bonds to “raise further capital for the activities of the Atlantis group”.
Full details of the offer are yet to be finalised, but Atlantis said it will seek to raise up to £5m through Abundance. It added that it expected the bonds to have a five year term and a coupon of eight per cent, payable semi-annually. It also said the Abundance investments were eligible for inclusion in an ISA.
The two companies are working towards officially launching the bond offer at the end of June.
“These funds are expected to be used to progress and accelerate the development of the best opportunities in the Atlantis project pipeline, to repay some more expensive debt, and to provide general working capital for the Atlantis group” the company said.
The fund-raising promises to provide a further boost to the tidal power specialist’s plans to deliver a pipeline of tidal power projects beyond its flagship Meygen tidal turbine array project, which is under development in Scotland.