SIMEC Atlantis Energy Ltd - Edinburgh-based energy company focused on tidal energy - Announces Atlantis Future Energy debenture holders have approved amendment to 2018 debenture dead, extending maturity date to March 31, 2024 from March 31, 2023. Also increases the interest rate paid on the bond to March 31, 2024 from April 1, 2023 to 10% per years. Follows the announcement in late February, when it asked bondholders to agree to delay repayment of £5.0 million debt due on March 31. This is because it will receive funds from annual lease income of its 230 megawatt/460 megawatt hours battery energy storage solutions project, which it estimates in either the second or third quarter of 2023.
Also reports ‘good progress is being made’ on the additional 120 megawatt Uskmouth BESS project near Newport, Wales, which reuses the site of the old cooling towers. Says it is aiming to agree terms with a developer this year and to secure planning in the first quarter of 2024.
Current stock price: 1.27 pence, up 3.7%
12-month change: down 18%
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