SCOTLAND’S world-leading tidal power company Atlantis Resources is to expand into other forms of water-based renewable energy and open a new division in Edinburgh.

Atlantis is currently developing the MeyGen tidal power project – the largest in the world – in the Pentland Firth and yesterday announced the formation of Atlantis Energy.

The new division will initially focus on opportunities to develop subsea interconnectors, tidal barrage and lagoon projects, floating offshore wind opportunities and pumped storage projects. It will do so on behalf of infrastructure funds, investment banks and private developers who are looking to invest in renewable and grid-related projects in the UK.

Atlantis stated the new division will be up and running by the end of March, and added: “While the division will have a global remit, Atlantis Energy will initially focus on several near-term opportunities in the United Kingdom and Europe.”

Tim Cornelius, Chief Executive of Atlantis, said: “We have developed an exceptional project origination and development team at Atlantis over the past 10 years. The lessons learned and the skills developed during the progression of MeyGen and our entire tidal portfolio have a direct application in power projects that involve water, especially salt water.

“We are aiming to establish ourselves as one of the world’s leading developers of wet renewables, and to be the partner of choice for infrastructure funds seeking to invest.”