Atlantis surrenders Crown Estate leases for two tidal energy sites

Atlantis Tidal Turbine

Tidal energy developer Atlantis Resources Ltd. has announced it has returned two agreements for lease to the Crown Estate for marine hydrokinetic projects that would have been located in Wales and Scotland.

Atlantis Resources said the decision came after an internal project portfolio and assessment review.

"This strategy will enable us to focus our resources on our most developed sites in order to drive progress and deliver continuous, clean and predictable supplies of energy, quickly and at scale, to power homes and businesses throughout the United Kingdom and contribute towards the U.K.'s energy infrastructure needs," Atlantis CEO Tim Cornelius said in a statement.

The sites included Anglesey Skerries in Wales and Kyle Rhea in Scotland.

The Crown Estate originally awarded the lease agreement for the Anglesey Skerries array to Marine Current Turbines Ltd. (MCT) in October 2011 for what was supposed to have become a 10 MW installment. Atlantis assumed control of the lease through its acquisition of Siemens AG's tidal energy group last May, after Siemens bought a majority stake in MCT in February 2012.

The Siemens deal also gave Atlantis control of the lease allowing for the construction of an 8 MW array at Kyle Rhea, and in fact, the European Commission's Climate Change Committee approved the transfer of US$19.3 million originally awarded to MCT to Atlantis in October.

Cornelius said Wales remains a market of "high interest", while Atlantis continues development of the MeyGen site in Scotland's Pentland Firth.

For more marine and hydrokinetic news, visit here.

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