Ashurst advised tidal wave power specialist Atlantis Resources Limited on the sale of a minority interest in its Scottish tidal development company Tidal Power Scotland Limited ("TPSL"), to Belgian offshore construction specialist DEME Concessions NV. The investment values TPSL at £100 million.

The transaction will pave way for a partnership between Atlantis Resources and DEME Concessions to jointly offer offshore construction services in the Scottish renewables sector. It will also enable the latter to strengthen its tidal energy business and expand UK business operations.

Ashurst also advised Atlantis Resources on a partnership agreement with infrastructure assets fund manager Equitix to assist in developing its tidal assets portfolio. Under this agreement, Atlantis and Equitix will work together to advance Atlantis's portfolio of tidal power projects in Scotland, which represent a combined potential capacity of almost 650MW. Equitix, through its managed funds, intends to acquire at least 25% of each Atlantis project vehicle at financial close of that project, and will work with Atlantis to prepare the projects for investment of the construction capital and achievement of financial close.

The Ashurst team was led by corporate partner Michael Robins, assisted by counsel Samantha Loh, senior associate Anna Hermalin, solicitor Maxime Rankine, and associate Alex Bartho.