Edinburgh-based renewable energy developer Atlantis Resources has raised over £1 million in its ongoing bond offer launched two weeks ago.
The bond offer, launched on January 31, 2018, has so far brought in £1,042,202 from investors, while the remaining £3,257,797 are expected to be raised over the first quarter of 2018.
Targeting the maximum amount of £5 million, the proposed five-year bond matures in 2023 and has a fixed 8% interest which is payable semi-annually.
The minimum amount for the bond offer has been set at £2 million, Atlantis said earlier.
The company plans to use the money raised in this offer to help fund the conversion of the Uskmouth power plant – recently acquired through the reverse takeover agreement with SIMEC Group.
The funds will also go towards the development of a power and flood protection system across the Wyre estuary, which could be in construction as soon as 2021, it is said on the Abundance Investment platform.
“In common with MeyGen, the Wyre estuary power project is expected to be a trailblazer, unlocking more of the opportunity for large-scale, long term renewable power from our seas,“ Abundance Investment platform states.