Sustainable Marine Energy (SME) and Minas Tidal LP (MTLP) have agreed to co-develop their adjacent berths at the Fundy Ocean Research Center for Energy (FORCE) and will utilise SME’s PLAT-I floating in-stream tidal energy technology to deliver up to 9 MW of tidal energy to the Nova Scotia grid in Canada.
The combined project is to be called the Pempa’q In-stream Tidal Energy Project and will be delivered in phases starting next year. For Phase 1 SME will deliver three next generation PLAT-I platforms, each producing up to 420 kW, providing a combined capacity of 1.26 MW.
Sustainable Marine Energy (Canada) was recently awarded a license by the Nova Scotia Department of Energy and Mines (NSDEM) which allows energy generated by the three tidal energy systems to be sold via a power purchase agreement (PPA) to Nova Scotia Power.
Project financing for the first phase through equity and debt is being provided by Hamburg-based reconcept Group. The asset manager specialising in renewable energy investments has been advising on the project and is establishing a capital fund specifically for this purpose. reconcept will also be supporting the financing of further phases of the project, to enable the delivery of the full 9 MW of capacity provided by the two berths.
Country updates
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