Atlantis Raises $20 Million Pounds for Tidal Project
Atlantis Resources Corp., a Morgan Stanley-backed tidal turbine manufacturer, raised a total of 20 million pounds through a combination of grants and public offerings. The Singapore-based firm raised 12 million pounds by selling 12.8 million shares at 94 pence each. Atlantis raised another 8 million pounds through a cash grant from the European Commission and a government institution that offered non-recourse financing repaid from future earnings. Part of the proceeds will be spent to develop the first phase of Atlantis’s MeyGen tidal project in Scotland.
Ingenious Media to Channel Half of IPO Proceeds to Renewable Energy Assets
Ingenious Media Holdings Plc, an investor in films such as “Avatar” and “Life of Pi”, is planning to funnel more than half of its 160-million pound initial public offering into six ground-mounted solar energy projects in the U.K. Totaling 80 megawatts, the solar projects should power about 85,000 homes. Four of the six solar plants are set to be operating next month. The U.K. firm will put about 99 million pounds into solar and invest about 47 million pounds in land-based wind projects.
Asia and Africa to Grab Significant Renewables Share from Europe
According to new research by consultancy firm EY, the next 12 to 18 months will see the traditionally dominant European countries lose market share to emerging nations from Asia and Africa. The highlighted markets are Indonesia, Malaysia, Ethiopia, Kenya and Uruguay. EY also predicts that offshore markets in Europe will be challenged by Japan, China, Taiwan, South Korea and India while Brazil continues to cement growth on both wind and solar markets.
India Announces 2 GW of New Large-Scale Solar Projects
Shri Chidambaram, India’s finance minister, announces that two gigawatts worth of new large-scale solar energy projects will soon be constructed in the country. Chidambaram stated that the government is aiming to see the development of four large-scale solar projects during this year and the next, with each project having a capacity of over 500 MW. Current reports reveal that the four projects will be located in Kashmir, Jammu, Rajasthan and Gujarat.