DP Energy has entered into a conditional sale and purchase agreement with Atlantis Resources Ltd to acquire its 50% interest in Atlantis Operations (Canada) Limited (AOCL). The transaction, subject to formal approval of the Nova Scotia Minister of Energy, will result in DP Energy taking sole ownership of the 4.5 MW Berth C tidal project at FORCE in the Bay of Fundy, NS, Canada. AOCL will be renamed on completion of the sale.
DP Energy already holds the rights to develop a 4.5 MW project at Berth E and this acquisition enables it to take a more integrated approach to delivery of the two projects in parallel. Key to this integrated approach, beyond using a single development team, will be the potential for the utilisation of common vessel assets across multiple technology options and an essential precursor to commercial developments and driving down the cost curve. Both Berth C and E are fully consented, grid connected and are supported by a 15-year feed-in-tariff set at $530/MWh.
Simon De Pietro, DP Energy CEO, said:
“DP Energy is fully committed and pleased to be working with the Nova Scotia Government to promote the development of tidal energy as a major source of renewable electricity production in Canada. The continued Provincial and Federal government support for the tidal industry gives confidence to our ongoing investment in the sector in Canada and that support echoes our strong belief in the value of the sector to the future renewables mix.
DP Energy remains ready to take on the exciting challenges provided by the tidal resource in the Bay of Fundy and expects that development of the FORCE Berths will be a significant stepping stone enabling tidal energy to take its appropriate place amongst the other ‘core’ renewable energy sources of wind and solar.
This investment which is one of a number already in process across Canada, both on and offshore, adds further depth to the expanding portfolio of renewable energy projects of the DP Energy group of companies worldwide”.