Tidal power generation developer Atlantis has signed a new strategic partnership agreement (SPA) with South Korean company Hyundai Engineering & Construction to develop worldwide renewable projects.

As part of the deal, the companies will help develop the domestic tidal stream market in addition to tidal range and floating offshore wind projects internationally.

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Atlantis' chief executive officer (CEO) Tim Cornelius said: “We are delighted to enter into this agreement with such a highly respected, substantial, and experienced company like Hyundai Engineering & Construction.

“We have very complementary skills and experience in the marine power sector. Hyundai is seeking to expand into the construction of offshore energy projects in South East Asia and abroad, while Atlantis requires construction partners to build out our portfolio of tidal power projects in South East Asia.

"We want to leverage Hyundai’s expertise to accelerate existing projects and secure additional capacity."

“We want to leverage Hyundai’s expertise to accelerate existing projects and secure additional capacity both in the region and globally.”

Under the initial objectives of the SPA, the parties will initiate design and development of a 100MW tidal stream project in the south of Korea. The deal will also progress the design, development, and delivery of tidal stream projects that Atlantis is pursuing in South East Asia, such as Indonesia and the Philippines.

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The SPA will also include designing cost-effective foundations for tidal stream and offshore wind turbines, as well as seeking opportunities to partner on the development of tidal power, such as barrage and lagoon projects worldwide.