Atlantis agrees £170m Uskmouth funding

Sustainable power firm Simec Atlantis Energy has inked an agreement to fund 100 per cent of phase one of the Uskmouth conversion project, with the facility moving from running on coal to eco-friendly pellets.

The firm, which has a large presence in Edinburgh, has reached the exclusive debt financing agreement with South Korea’s Hana Financial Investment Co to work together to bankroll the first, 110-megawatt phase of the project through a senior secured loan to Simec Uskmouth Power.

This facility, if agreed, will provide up to £170 million towards capital and development expenditure, operating costs, fees and interest.

Atlantis chief executive Tim Cornelius said: “This agreement with Hana reflects the high level of international interest our world-leading conversion project has and we believe that this is a stepping stone to further conversion opportunities across Asia and indeed globally.”