International energy services outfit Simec Energy has inked a ‘reverse takeover’ deal with tidal power pioneer Atlantis Resources to create a new global renewables player, Simec Atlantis Energy.

Through the agreement, Simec, part of the GFG Alliance, will transfer ownership of its 363MW Uskmouth power station in South Wales — being converted into an end-of-waste biomass plant — in exchange for a 49.99%