Green bond brings new tide of investment

An ethical peer-to-peer finance platform has launched a green bond for a tidal power firm. Abundance Investment says its offer for investment in Atlantis Ocean Energy will allow ordinary people […]

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By Jonny Bairstow

An ethical peer-to-peer finance platform has launched a green bond for a tidal power firm.

Abundance Investment says its offer for investment in Atlantis Ocean Energy will allow ordinary people to directly get involved with tidal power as the innovative renewable technology begins to take off.

The bond offer seeks to raise a minimum of £2 million – investors can contribute as little as £5 towards this figure and will receive an 8% return on investment per year.

The funds raised will be used to accelerate the development of promising tidal opportunities and new subsea technologies.

Atlantis’ flagship tidal project MeyGen started generating electricity off the coast of Scotland late last year and is the world’s first multi-megawatt, multi-turbine tidal power project to begin operations.

It estimates there is global potential for 20GW of tidal stream power projects, of which more than 11GW is expected to be in the UK.

As well as the MeyGen project in Scotland, Atlantis has other tidal stream projects in the pipeline in France, South Korea, Canada, Indonesia and in the UK’s Wyre Estuary.

Tim Cornelius, CEO of Atlantis Resources, said: “This is the most exciting time in the history of tidal power.

“We want to raise further capital to take advantage of our recent success which will help us achieve the huge potential the ocean offers for generating clean, environmentally benign, highly predictable power across the world.”