ATLANTIS Resources has agreed to sell its stake in a Canadian joint venture to its partner DP Energy, a leading renewable energy developer.

The deal comes less than a month after Atlantis, which is developing a huge tidal power system in the Pentland Firth, sold a 49.99 per cent stake in the business to Sanjeev Gupta’s SIMEC Energy.

The Atlantis Operations (Canada) joint venture, at the FORCE facility in the Bay of Fundy, Nova Scotia, will be renamed upon completion of the sale.

The cash transaction, for an unspecified amount, will allow Atlantis’ project development team to focus on other opportunities in the UK, Europe and Asia and will enable the DP Energy team to further focus its efforts on the successful development of the tidal in-stream power generation sector in Nova Scotia.

Atlantis’ turbine and engineering services division will continue to participate in all future tenders in Canada as an equipment and services supplier.

Tim Cornelius, Atlantis CEO, said: “The transaction affords us the opportunity to focus on our ongoing successful development programme at Meygen in Scotland and pursue our ambitions to develop on identified opportunities for us in France, South Korea, The Philippines and other South East Asian locations.”

The first phase of the Meygen project, which contains four turbines, is already connected to the grid.