Big Picture – A Deep Dive Examination of SIMEC Atlantis Energy
SIMEC Atlantis Energy Snapshot
Our partnership with the Scottish Government through their Renewable Energy Investment Fund (“REIF”) is a great example of how we partner with governments – utilities and large corporations to deliver world leading projects, on time, safely and on budget.
Atlantis is pioneering the development and operation of marine power projects, creating a new asset class of predictable, unobtrusive, reliable energy generation. In essence, we deliver exceptional projects and rely on a very clever and dedicated group of people to overcome engineering challenges and just make things happen. The heritage of Atlantis stems back more than a decade when a group of dedicated engineers decided to design turbines that could efficiently harness the power of the moon. In 2006, Atlantis teamed up with Morgan Stanley (commodities) to drive the development of commercial scale tidal power projects from concept to construction. In 2014, Atlantis partnered with Scottish Enterprise, the Department of Energy and Climate Change, the Crown Estate and Highland and Islands Enterprise to deliver the world’s first multi turbine array, MeyGen Phase 1A.
Governments look at our unrivalled experience in tidal power project development in Scotland and know they are in safe hands. Our proven ability to put all the elements of development in place, from consent to construction to operation means they can rely on us to guarantee delivery. To safely and successfully unlock the sustainable energy sources that will transform local economies.
Local partners are reassured by our international experience, our resources and our commitment to local communities. They trust us to bring their projects from concept to reality.
Investors look at our achievements, industry foresight, thought leadership and the world-class traction team and gain confidence from our track record. We give them unparalleled access and early entry into one of the world’s most rapidly growing and exciting new power markets – tidal power.
We develop, finance and build large-scale tidal power projects. Then we sell the assets to organisations looking for guaranteed long-term revenues.
As we progress through the development process, the value of an asset increases as the risk decreases. Our strength lies in the systematic de-risking of the project and the flexibility we offer the ultimate owners of the asset. They can choose to come on board at any time, depending on their risk-reward appetite. That could be at the late-stage development, financial close, construction or operation.
Our projects are typically backed by long-term power purchase agreements and tidal power is very, very predictable. Therefore, our investors have the assurance that cash flowing from the operational power plant will satisfy their on-going commercial needs.
We also specialise in partnering with large corporations wanting to invest in renewable energy. We have a long-term partnership with Equitix who will rely on our expertise to operate and maintain assets that they purchase from Atlantis in the future.
Atlantis originates and develops greenfield marine power projects all around the world. Not only can we take the role as lead developer but we also work with consortiums to secure development rights for marine power projects. Recently, Atlantis has led the consolidation of the tidal power sector in Scotland. We are the majority owner of Tidal Power Scotland Limited (“TPSL”), the HoldCo that owns all phases of the MeyGen project as well as other leading projects such as the Sound of Islay, Ness of Ducansby, Brough Ness and the Mull of Galloway. We have recently welcomed ScottishPower Renewables and DEME Concessions as co-investors in TPSL.
JOHN NEILL CBE - Chairman
John joined Unipart Group of Companies from General Motors in 1974 and set out to establish a more independent and broadly based role for what was then British Leyland’s Parts Division. In 1987 he led the management buyout of the company and began the process of changing not only the culture of the company but also the whole philosophy by which the business was run. He is a non-executive director of Rolls-Royce plc and was formerly a director of the Court of the Bank of England and a non-executive director of the
Royal Mail and Charter International plc. John was appointed Prince’s Ambassador for the South East for 2009 by HRH The Prince of Wales.
TIMOTHY CORNELIUS - Chief Executive Officer
Timothy acquired a combination of academic, practical and commercial experience before taking the role of Chief Executive Officer of Atlantis in 2006. He accumulated a wealth of engineering and concept development experience through previous roles in underwater research and subsea engineering in the oil and gas sector with Submarine Escape and Rescue Service (Australia), Subsea Offshore, Halliburton Subsea and Subsea7, as well as business development and corporate accountability experience through director and executive roles.
DUNCAN BLACK - Non-Executive Director
Duncan has 16 years of experience in the power generation and infrastructure sectors in senior operational and development roles, and as a fund manager, investment banker and engineer. Duncan’s experience prior to joining Atlantis includes time as Chief Executive Officer of Babcock & Brown’s Asia Infrastructure Fund LP, Chief Finance Officer of TRUenergy, one of Australia’s largest power generator and retail businesses, and business development and finance roles with CLP Holdings Ltd and InterGen focused on power projects in Asia and Australia. Duncan previously worked for Schroders Investment Bank, where he focused on project financing and M&A for power generation assets in Asia Pacific, prior to which he was an engineer for a UK construction firm.
MIKE LLOYD - Non Executive Director
Mike has more than forty years of experience in engineering, manufacturing and supply chain roles in the electrical machinery and power sectors. His senior leadership roles have included Group Manufacturing Director, President of Rolls Royce Gas Turbines Operations, Technical Director of GEC Large Machines and Managing Director of Alstom Transport. Mike is currently Chairman of Magnomatics, a venture capital-backed technology company, specialising in the development of innovative magnetic transmission drives for applications including wind turbines and hybrid vehicles. Mike is also a non-executive director of Ceres Power Holdings plc, Aerospace Tooling Ltd and RIMOR Ltd. He has a BSc in Electrical Engineering, a PhD in Electrical Machines and is a Fellow of the Royal Academy of Engineering.
JOHN WOODLEY - Non Executive Director
John was previously co-head of the power and gas-related commodity business for Europe and Asia at Morgan Stanley. He founded the very successful US electricity trading operations for Morgan Stanley in New York in 1994. After ten years with Morgan Stanley in New York, John moved to London to help build the electricity and electricity related energy business outside the US. John is now based in Switzerland and acts as a senior adviser to Morgan Stanley.
IAN MACDONALD - Non Executive Director
Ian has been the President of Hong Leong Finance Ltd since February 2002. Hong Leong Finance Ltd is Singapore’s largest finance company with a network of 28 branches island-wide. Ian has been in the financial industry for more than 30 years and brings with him a wealth of experience in all aspects of financial services, particularly in the areas of business and consumer equipment financing. Ian was formerly the National Manager of Business Finance at Australian Guarantee Corporation Limited, a subsidiary of Australian financial giant Westpac Banking Corporation.
Non Executive Director
Ian has over 30 years’ experience in the subsea construction, operations and maintenance industry. He first joined Subsea Offshore Ltd, a subsidiary of Subsea 7 S.A, a company listed on the Oslo Børs and a leading global contractor in seabed-to-surface engineering, construction and services to the offshore energy industry, as an Offshore Inspection Coordinator in 1985. Thereafter Ian held various positions within the business, including General Manager with responsibility for the Asia Pacific and the Middle East; Vice President for Global Project and Operations in Aberdeen and Vice President for the Gulf of Mexico, covering the USA, Mexico and Trinidad. He was recently Vice President, Health, Safety, Security, Environment and Quality (HSSEQ) at Subsea 7, where he reported directly to the CEO.
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