Simec Atlantis has launched a bond paying 8 per cent to fund its coal-to-waste plant at Uskmouth, tidal projects in France and to provide working capital.
The Gupta-controlled company aims to raise £7m. It said it has finished front-end engineering and design work at Uskmouth.
Atlantis aims to convert the power station into a 220MW facility that burns waste-derived pellets called ‘subcoal’. It plans to make almost a million tonnes of these pellets next to the power station from paper, card and plastic waste.
The company had hoped to start generating power from the plant by next year, but has revised this to 2021.
It said proceeds from the fundraise would also go towards development of a proposed four-turbine tidal project in the Raz Blanchard, off Normandy.
Abundance Investments is managing the investment offer.