SIMEC Atlantis Energy has, through Abundance Investment, launched a proposed five-year bond offer maturing 2024.
The bond offer seeks to raise a maximum of £7 million, and is expected to close on or before October 31, 2019, with the extension option by up to three months at the company’s discretion.
Subject to completion of the bond offer, the proceeds of the issue will be used to progress and accelerate the development of opportunities in the Atlantis project pipeline, including funding the remaining development activities for the Uskmouth power station conversion project and consenting and engineering studies for the proposed Raz Blanchard tidal power project, and to provide general working capital to be used in the development of the Atlantis group’s business and project portfolio.
Tim Cornelius, CEO, SIMEC Atlantis Energy, said: “As we create a global, diversified renewable energy platform, this bond offer represents a chance for investors to help Atlantis to grow and share in our future financial success. The bonds will help us continue work on amazing and world leading projects such as the Uskmouth power station conversion. These bonds will help us towards our ambition of becoming one of the largest and most diversified renewable energy companies on the London Stock Exchange.”
Bruce Davis, co-founder and joint managing director, Abundance, said: “At this time of great political upheaval and climate emergency, now is the time to turn words into actions. Atlantis is one of the most dynamic energy development companies in the world, so we’re proud to be backing it as it helps lead the UK to a Net Zero future.
“Abundance investors have been at the forefront of supporting the low-carbon transition and we expect our customers – drawn from ordinary people throughout the UK – to embrace this opportunity to build on the success of our two previous green bonds for Atlantis, with this third offer, our biggest for them so far.”