MoU signed with developer
Atlantis signs up for Indonesia joint venture
Edinburgh-based Atlantis, which yesterday announced it had raised £6.5 million through a discounted share placing, will work with SBS to develop a 150MW tidal stream site in Indonesia worth an estimated $750m.
Atlantis has the largest portfolio of tidal power projects in the UK which represent a combined potential capacity of almost 700MW, in addition to its other development projects throughout China, Canada, India and a number of other parts of the world.
Its North Seas projects include the Meygen sub-sea development being constructed in the Pentland Firth and a 10 megawatt project in the Sound of Islay, which has secured £16.6m) of European grant funding.
Tim Cornelius (pictured), chief executive of Atlantis, said: “The Indonesian archipelago of over 17,000 islands represents an extremely promising tidal stream resource. We are looking forward to working with SBS on this exciting project that offers the potential to provide highly predictable tidal stream power generation to the people of Indonesia.
“This also represents an opportunity for us to demonstrate our industry leading tidal energy technology in a range of tidal conditions and export some of the intellectual property we have created through the development of the MeyGen project from Scotland to other parts of the world.”