(MENAFN- ProactiveInvestors)Tidal power specialist Atlantis Resources PLC (LON:ARL) is to work with infrastructure investment group Equitix to develop its portfolio. Under the agreement funds managed by Equitix will acquire at least 25% of each Atlantis project at financial close. Equitix which currently has £1.7bn under management will also work with Atlantis to help find the rest of the money needed to build the projects. The fund manager currently has stakes in 90 projects ranging from hospitals leisure centres and street lighting to public sector housing schools wind farms and biofuels. Recently Atlantis which owns patents covering power generation and turbine technology has slimmed down its portfolio offshore Britain specifically so it can concentrate on its most developed sites like MeyGen. Atlantis currently has almost 650Mw of projects under development off the coast of Scotland that will require £500mln to construct. Atlantis has already arranged £51mln for the first phase of that MeyGen project that is scheduled to start generating electricity this year. When complete MeyGen will produce 400Mw or enough to power 175000 homes. Tim Cornelius chief executive said the agreement with Equitix was an important step. As well as vital experience of large infrastructure projects and access to extensive capital Equitix had a desire to work with Atlantis to accelerate the further development of the UK's tidal power industry he said. Shares rose 10% to 46.3p. - updates for detail and share price -
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