SIMEC Atlantis Energy (SAE) has completed the sale of stake in its Canadian joint venture at the FORCE facility in Nova Scotia, Canada, to its partner DP Energy Group.
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.
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 ($296850) 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.
Atlantis CEO Tim Cornelius 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.”
DP Energy director Simon De Pietro 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. “
Source: Company Press Release