Atlantis Resources is planning to establish a new internal division to exploit opportunities beyond its core tidal stream energy business.

The new division will be known as Atlantis Energy and will initially focus on opportunities to develop subsea interconnectors, tidal barrage projects, tidal lagoon projects, floating offshore wind opportunities and pumped storage projects.

The new division will have a global remit but will focus on several near-term opportunities in the UK and Europe, and will develop projects on behalf of infrastructure funds, investment banks and private developers who are looking to invest in renewable and grid related projects.

It will exploit the expertise it has accumulated in the execution of the MeyGen tidal stream project, it said.

“We have developed an exceptional project origination and development team at Atlantis over the past ten years,” commented Tim Cornelius, CEO of Atlantis. “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 in interconnectors, tidal barrage, pumped storage, floating offshore wind and, of course, tidal stream projects.”

According to Cornelius, the firm has already commenced due diligence on a short list of potential projects, and aims to present these potential investments “to a select group of infrastructure funds in H1 2017”.