SIMEC Atlantis Energy Ltd

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Since the vast majority of the company's work is in the UK, why is it registered in Singapore, a major corporate tax haven for Asia; and the 4th largest Conduit to Offshore Financial Centres?

SIMEC Atlantis Energy Ltd, formerly "Atlantis Resources Ltd" until its acquisition by GFG Alliance in Jun.2018. The company's principal activity is that of pioneering the development of tidal current power as the most reliable, economic and secure form of renewable energy. The company is an inventor, developer, owner, marketer and licensor of technology, intellectual property, trademarks, products and services.

A strategic partnership was established with GFG Alliance § SIMEC Group Ltd in 2018. The partnership will see the company become a diversified renewable energy company, continuing the integratation of existing operating power generation assets from across the GFG Group into Simec Atlantis Energy Ltd, as well as from external acquisitions. SIMEC Atlantis intends to sell its generated power internally within the GFG Alliance, with surplus sold to the National Grid via standard power purchase agreements or bespoke corporate power purchase agreements.

The first project will be the 220MW SUP Uskmouth Power Station in Wales, which will be converted to use waste-derived energy pellets as fuel. The project aims to tackle the global issue of the treatment of non-recyclable waste through the use of these pellets as a fuel source to completely replace coal-fired generation.ref

Company

Shareholders

Total float: 43.3%
Source: MarketScreener.svg, Mar.2020
ToDo: link, link, link, link

Structure

Note: Auditors KPMG fail to state the immediate parent company in many of the filings; the following is therefore a "best approximation".
  • SIMEC Atlantis Energy Ltd, was Atlantis Resources Ltd, OC, reg. Singapore Flag-Singapore.svg
    • Atlantis Operations (Canada) Ltd, joint venture with DP Energy Ireland Ltd, development of tidal power generation project, ref, reg. Canada
    • Atlantis Resources International Pte Ltd, provision of operational services to the group, OC, reg. Singapore Flag-Singapore.svg
    • ARC Operations Pty Ltd, provision of operational services to the group, OC, reg. Australia
    • Atlantis Future Energy plc, financial services holdco, reg. Jan.2018, CH
    • Atlantis Ocean Energy plc, financial services holdco, CH
    • Atlantis Resources (Scotland) Ltd, was ARC Ventures (UK) Ltd, provision of project management and consulting services, CH
    • Current Resources (Cayman) Ltd, provision of operational and administrative services to the group, reg. Cayman Islands (struck off Mar.2018)
    • Atlantis Turbines Pte Ltd, was Atlantis Asset Management Pte Ltd, investment holdco, OC, reg. Singapore Flag-Singapore.svg
      • Atlantis Operations (UK) Ltd, was Current Resources Ltd, provision of research support to the group, acq'd from Morgan Stanley in Jan.2009.CH
      • Marine Current Turbines Ltd, development of tidal power tech, acq'd Jul.2015 from Siemens AG, CH
        • Sea Generation Ltd, development of a marine current turbine, [CH]
        • Sea Generation (Wales) Ltd, product development for an array of MCT tidal turbines, [CH]
        • Sea Generation (Kyle Rhea) Ltd, product development for an array of MCT tidal turbines, [CH]
        • Sea Generation (Brough Ness) Ltd, product development for an array of MCT tidal turbines, [CH]
      • 92%: Tidal Power Scotland Ltd, investment holdco for power generation assets in Scotland, CH (6%: ScottishPower Renewables; 2%: DEME Concessions NV)
        • MeyGen Holdings Ltd, was Tidal Power Scotland Holdings Ltd, investment holdco, CH (83.45%: Tidal Power Scotland Ltd; 16.55%: Scottish Enterprise)
          • MeyGen Ltd, was York Place (No 503) Ltd, development of tidal power generation project, CH
        • Islay Holdings Ltd, investment holdco, [CH]
          • Islay Tidal Power Ltd, development of tidal power generation project, [CH]
        • Duncansby Tidal Power Ltd, non-trading, [CH]
      • Stroma Tidal Power Ltd, development of tidal power generation project, [CH]
      • Wide Range Developments Ltd, development of tidal power generation project, [CH]

Timeline

SIMEC Atlantis Energy Ltd

Jun.2018 SIMEC Atlantis Energy Ltd: Atlantis Resources Ltd changed its name.ref

Atlantis Resources Ltd

May.2018 Uskmouth Power Station: Atlantis agreed with the GFG Alliance's SIMEC Group Ltd to the acquisition of the 363MW power station from SIMEC UK Energy Holdings Ltd, in return for a 49.99% share in Atlantis. Atlantis will be renamed "SIMEC Atlantis Energy Ltd" and become part of the GFG Alliance. GFG's aim is to create a new renewable energy entity.ref, AR-2017, p.74
Apr.2018 Construction phase completed; 25 year operation phase commenced.
Dec.2017 Current Resources (Cayman) Ltd transferred ownership of Atlantis Operations (UK) Ltd to Atlantis Turbines Pte Ltd; Current Resources was then struck off in Mar.2018.
Jan.2017 MeyGen Phase 1B: The European Commission awarded £17.3m (€20.3m) in Horizon 2020 grant funding for the DEMOTIDE project, which will design, build and operate a 6MW turbine array in the Inner Sound of the Pentland Firth. DEMOTIDE will demonstrate the technical and commercial viability of drilled foundation systems and larger rotor diameter turbines, providing a path to significant cost reduction in the European tidal power sector.(AR-2017, p.60)
2017 Applicaton submitted in the auctions for Contracts for Difference, to enable construction of a further 80MW capacity, at a price significantly below the set strike price for tidal stream projects; incl. reduction in subsidy support of 66% less than that in Phase 1A, under the Renewables Obligation. However, the application was unsuccessful.
Jun.2016 The registered office moved to Singapore.
May.2016 Tidal Power Scotland Ltd acquired ScottishPower Renewables' portfolio of tidal projects in exchange for a 6% shareholding, with Atlantis retaining a 94% stake. The portfolio consisted of (1) a 10MW project at the Sound of Islay, and (2) a 100MW development at the Ness of Duncansby. Assets included lease agreements with the Crown Estate for both sites, as well as govt grid connection offer and construction consents for the Sound of Islay site. The Sound of Islay project had been awarded £17.3m (€20.7m) of grant funding from the European Commission’s NER300 fund by way of capital and revenue support.
Apr.2016 Sound of Islay: DEME Concessions NV, an investor in marine energy projects, purchased a 2% stake in Tidal Power Scotland Ltd, plus a right to contribute further equity funding at financial close of the Sound of Islay project and Phase 1C of the MeyGen project. DEME Concessions NV is part of giant Dredging, Environmental and Marine Engineering NV offshore construction group.
Apr.2016
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Atlantis entered into an agreement with Equitix, owned by USA hedge fund Tetragon Financial Group Ltd, for future financing of the Scottish projects. Equitix intends to acquire at least 25% of each Atlantis Scottish project vehicle at financial close of that project.
AR-2015 MeyGen: Atlantis Operations (UK) Ltd was awareded a grant of up to €7,294,905 by the European Commission towards the design, build, installation and operation of 3 AR1500 turbines.
Apr.2015 Atlantis Resources (Scotland) Ltd entered into a loan agreement with Global Energy Group's GEG (Holdings) Ltd to borrow £2.5m.
Dec.2015 MeyGen: Scottish Enterprise, as administrator of the Renewable Energy Investment Fund, made an equity investment of £10.8m. Shares in MeyGen Holdings Ltd: Scottish Enterprise (15%), with Atlantis Projects Pte Ltd (85%).
Dec.2015 Sound of Islay + Ness of Duncansby: ScottishPower Renewables agreed the transfer of both projects into Atlantis' portfolio, with ScottishPower Renewables (UK) Ltd becoming a shareholder in Tidal Power Scotland Ltd (majority owner of MeyGen).
Sound of Islay: the project was awarded €20.7m of grant funding from the European Commission’s NER300 fund by way of capital and revenue support for its Scottish tidal development company. The transaction was completed in May.2016.
Dec.2015 Sound of Islay: Reached agreement with ScottishPower Renewables (UK) Ltd for the acquisition of the Sound of Islay project, which had also been awarded €21m of funding through the EC's NER300 clean energy scheme.
Oct.2015
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MeyGen: The European Commission confirmed that €17m of grant funding from the NER300 clean energy scheme could be transferred to the next phase of the MeyGen project.
Sept.2015MeyGen: The first major offshore works were completed.
Joint venture: teamed up with DP Energy Ireland Ltd for development of a berth at the Fundy Ocean Research Centre for Energy in Canada.
Feb.2015Duncansby Tidal Power Ltd was incorporated as a subsidiary of Tidal Power Scotland Holdings Ltd.
Jul.2015Marine Current Turbines Ltd: Atlantis Turbines Pte Ltd completed the acquisition of 90.01% of Marine Current Turbines Ltd from Siemens AG; Siemens retained a 9.99% stake.
Nov.2014Ownership: Atlantis Projects Pte Ltd; Tidal Power Scotland Holdings Ltd, HSBC Corporate Trustee Company (UK) Ltd.
Sept.2014Construction of the MeyGen project commenced.
Aug.2014
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Scottish Enterprise committed £10.8m (gift) + £7.5m (loan). The Crown Estate Commissioners committed an investment of £9.8m, to be serviced via "enhanced rent". Scotland's Highlands and Islands Enterprise donated £3.3m. The Crown Estate granted a 25-year seabed lease. MayGen signed a 10-yr Power Purchase Agreement with Smartest Energy Ltd, a subsidiary of Japan's Marubeni Corporation. Total finance: £51.3m (DECC + Scottish Enterprise + HIE + TCE + ARL). ref, Mar.2017
As at Dec.2014, Scottish Enterprise had a 14.13% shareholding in TPSHL, with Atlantis Projects Pte Ltd retaining the remaining 85.87%.
Jul.2014Tidal Power Scotland Holdings Ltd was registered as an intermediate holdco, wholly-owned by Atlantis Projects Pte Ltd; ownership was transferred to TPSHL from Atlantis Projects Pte Ltd.
Feb.2014
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Atlantis Resources Ltd was listed on the London AIM stock exchange. ref,p.23
Feb.2014 Atlantis Resources (Scotland) Ltd entered into a loan agreement with Scottish Enterprise (administrator of the Renewable Energy Investment Fund) for £2m to support the development of an engineering hub in Scotland + the initial phase of the MeyGen project.
Feb.2014
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MeyGen: Atlantis Operations (UK) Ltd was awarded €7.7m for the development of a multi-turbine array by the European Commission's Seventh Framework Programme (2013).ref
Jan.2014MeyGen: Atlantis Operations (UK) Ltd was awarded a grant of up to €7,294,905 by the Department of Energy and Climate Change towards the design, build, installation and operation of three AR1500 turbines.
Nov.2013Ownership: Atlantis Resources Ltd; Morgan Stanley Capital Group Inc; International Power Marine Developments Ltd; Atlantis Resources Ltd, Atlantis Projects Pte Ltd (reg. Singapore, subsid of Atlantis Resources Ltd.)
Oct.2013 Atlantis Resources Ltd: Atlantis Resources Corporation Pte Ltd was converted to a public limited company and changed its name to Atlantis Resources Corporation Ltd. Nov.2013: the company changed its name yet again again to Atlantis Resources Ltd. ref,p.23, subsids p.35 (Cayman Islands, of course, incl the UK subsid.)

Atlantis Resources Corporaton Pte Ltd

Oct.2013MeyGen: Atlantis Projects Pte Ltd acquired a 90% stake in the company from Morgan Stanley and GDF Suez's International Power Marine Developments Ltd. In Feb.2014, the company transferred its 10% direct shareholding in MeyGen to Atlantis Projects Pte Ltd, taking Atlantis Projects Pte Ltd's stake to 100%.
Feb.2013
Dept-for-BEIS.svgMoney-subsidy.svg
Awarded £10m grant from the Department of Energy and Climate Change's Marine Energy Array Demonstrator scheme. Crown Estate Commissioners offered another £10m.
Dec.2011Ownership: Morgan Stanley Capital Group Inc; GDF Suez SA (controlling shareholder of International Power plc); Atlantis Resources Corporation Pte Ltd.
Feb.2011Ownership: Atlantis Resources Corporation Pte Ltd (10); Morgan Stanley Capital Group Inc (45); International Power Marine Developments Ltd (45); Atlantis Resources Corporation Pte Ltd (10 B).(AR-Jan.2011)
Late 2010MeyGen: Atlantis sold control of MeyGen to International Power GDF Suez and Morgan Stanley. Atlantis retained an exclusive turbine supply agreement with MeyGen for the Pentland Firth project.
2010MeyGen: MeyGen Ltd was awarded the rights to develop the Inner Sound, the ‘Crown Jewel’ of the Pentland Firth, by the Crown Estate. The MeyGen Consortium included Morgan Stanley, International Power GDF Suez and Atlantis Resources Corporation Pte Ltd. Atlantis had an exclusive turbine system supply agreement with MeyGen Ltd.
Sept.2009 MeyGen Ltd was registered as a Scottish company with a view to the Pentland Firth project.MeyGen.arch
Jan.2009MeyGen: Current Resources (Cayman) Ltd acquired Current Resources Ltd, together with its subsidiaries including MeyGen Ltd, from Morgan Stanley. Current Resources Ltd, a marine power project origination & project management business, was renamed to "Atlantis Operations (UK) Ltd". (CH)
Mid-2007Morgan Stanley became a shareholder.
Dec.2005 Atlantis Resources Corporaton Pte Ltd was registered in Singapore,ref "attracted by high quality R&D capabilities, as well as the integrity of the intellectual property protection laws".
Jul.2002Atlantis Resources Pty Ltd, developing free stream tidal turbine prototype designs and concepts, was registered in Australia.ref
Sources: Annual Reports (2013-2017) SIMEC Atlantis Energy Ltd. Accessed Nov.2018. ♦ Media: News Atlantis Resources Corporation Pte Ltd. Original archived on Aug.13.2013.History. Atlantis Resources Corporation Pte Ltd, Jul.07.2011. Original archived Company History Atlantis Resources Ltd. Original archived on Feb.21.2014.