Canadian FORCE Facility

RNS Number : 9021K

SIMEC Atlantis Energy Limited

19 December 2018

 

The information contained in this announcement is inside information under the Market Abuse Regulation (EU) No 596 / 2014. The person responsible for arranging the release of this announcement on behalf of Atlantis is Tim Cornelius, Chief Executive Officer of SIMEC Atlantis Energy.

19 December 2018

SIMEC Atlantis Energy Limited

("SAE" or the "Company")

Canadian FORCE Facility

Further to the announcement made on 5^th January 2018, SAE,  a world leading developer of sustainable energy projects, is pleased to announce that it has completed the proposed sale of the Company's stake in its Canadian joint venture at the FORCE facility in Nova Scotia, Canada, to its partner DP Energy group, a leading renewable energy development business.

SAE and DP Energy have today concluded the sale and purchase agreement for the sale of SAE's remaining 50% interest in Atlantis Operations (Canada) Limited ("AOCL"). Following completion, AOCL will be renamed to become Rio Fundo Operations Canada Ltd.

The cash transaction enables the DP Energy group to take a more integrated approach to the AOCL berth alongside its pre-existing wholly owned berth at the FORCE facility. This transaction returns C$400,000 to SAE and allows the management team to focus resources on other opportunities in the UK, France and Asia and will allow the DP Energy team, who are experienced in renewable energy project development in Canada, to focus efforts on the development of the tidal stream industry in Nova Scotia.

Tim Cornelius, Atlantis CEO, said:

"I am pleased that we have been able to agree this sale with DP Energy. They have experience and presence in Canada and are well suited to deliver a project in Nova Scotia.  This transaction returns value to our shareholders and allows us to focus on the exciting opportunities across the SIMEC group." 

Simon De Pietro, DP Energy Director, said:

"DP Energy is delighted work with the Nova Scotia Government to promote the development of tidal energy as a major source of renewable electricity production in Canada and we are eager to take on the exciting challenges provided by the tidal resource in the Bay of Fundy. The venture adds further depth to the growing portfolio of renewable energy projects of the DP Energy group of companies worldwide. "

Enquiries:

SIMEC Atlantis Energy	via FTI
Tim Cornelius, Chief Executive Officer
Andrew Dagley, Chief Financial Officer
DP Energy
Simon De Pietro, Chief Executive Officer John Kerr, DP Energy Canada Director	[phone] [phone]
Cantor Fitzgerald Europe (NOMAD and Joint Broker to Atlantis)	[phone]
Rick Thompson Richard Salmond David Porter
Macquarie Capital (Europe) Limited (Joint Broker to Atlantis)	[phone]
Nick Stamp
FTI Consulting	[phone]
Ben Brewerton Alex Beagley James Styles Molly Stewart

 

END

 

 

NRAFFSESAFASEEE