Simec Atlantis hails most important year despite widening losses

Bosses at Simec Atlantis Energy (SAE) said 2017 was the most important year in the renewable energy firm’s history despite posting an £11 million loss.

Edinburgh-headquartered SAE attributed the losses to one-off advisor fees related to its purchase of a Welsh coal-fired power station from Simec, the energy arm of Sanjeev Gupta’s GFG Alliance.

SAE, formerly known as Atlantis Resources, also wrote down a loan due from Atlantis Operations (Canada) following the decision to exit the joint venture.

The Scottish firm purchased Uskmouth Power plant as part of a deal which handed Simec 49.99% of Atlantis and resulted in its name change.

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