Atlantis Resources and DP Energy have formed a partnership to develop a multi-turbine array at the Fundy Ocean Research Centre for Energy (FORCE) facility in Bay of Fundy in Nova Scotia, Canada.
Through its Edinburgh-based MeyGen subsidiary, Atlantis is building the world’s biggest tidal array energy project in the Pentland Firth off northern Scotland.
Ireland-based DP Energy currently has a development portfolio of over 1,000 MW of projects at various stages of development from shovel-ready to early permitting – including some 330MW of tidal energy in Scotland and Northern Ireland.
The deal will see DP Energy acquire a 50% stake in Atlantis Operations Canada Limited, which is the leaseholder of a berth at the FORCE facility in Canada, which was awarded a 4.5MW feed-in-tariff by the Nova Scotia Department of Energy in December 2014.
The partnership will enable DP Energy to take an active role alongside Atlantis in bringing AOCL’s opportunities to fruition and tapping into the huge potential of the Canadian tidal market.
Atlantis and DP Energy are now looking forward to working with FORCE, the Department of Energy in Nova Scotia, the local supply chain, business owners, the North American investment community and local stakeholders to develop the joint project.
It is anticipated that the array will include AR1500 turbines from Atlantis’ turbine division. Financing and front end engineering design is expected to be completed in 2016 in anticipation of an offshore construction commencement date in 2017.
Tim Cornelius, Chief Executive, Atlantis Resources, said: “We are delighted to be partnering with DP Energy to develop tidal power projects in Nova Scotia. We have now created a project development platform that the local supply chain can invest in, with confidence.
“Coupled with the unwavering support of the Nova Scotia Department of Energy and the leadership of FORCE, AOCL will be an attractive investment proposition for project financiers looking to make use of the feed in tariffs available for tidal stream projects in the Province.
This partnership is further demonstration of the inevitable consolidation that is occurring across the tidal power sector globally, and Atlantis is proud to be leading the charge.
Simon De Pietro, Chief Executive, DP Energy, said: “Tidal power has the capability to become a major source of renewable electricity production globally and we are eager to take on the exciting challenges provided by the tidal resource in the Bay of Fundy.
“The venture adds further depth to the growing portfolio of renewable energy projects of the DP Energy group of companies worldwide.”
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