The Atlantis Energy arm will initially look to develop subsea interconnectors, tidal barrage and lagoon projects, floating offshore wind opportunities and pumped storage projects on behalf of infrastructure funds, investment banks and private developers.
It will have a global remit, but initially focus on “several near-term opportunities” in the UK and Europe. The group said the new operation would be based at its Edinburgh headquarters and likely be operational by the end of the first quarter.
Tim Cornelius, group chief executive, said: “We have developed an exceptional project origination and development team at Atlantis over the past ten years.
“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.”
He added: “Atlantis has made great strides over the last 12 months and diversifying into aligned areas will allow us to grow our company in partnership with investors who want to access our unique energy development experience and expertise.”