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Atlantis and DP Energy join forces at FORCE

  • Atlantis Resources and DP Energy launch partnership to develop multi-turbine array at FORCE in Canada
  • The deal will see DP Energy take an active role alongside Atlantis in driving the Canadian tidal market
  • Financing and front end engineering design is expected to be completed in 2016 in anticipation of an offshore construction commencement date in 2017

 

11 September 2015: Today, leading international tidal developer Atlantis and global renewables company DP Energy announce they 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. The deal will see DP Energy acquire a 50% stake in Atlantis Operations Canada Limited (“AOCL”).

AOCL 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, CEO of Atlantis, 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 Scotian Department of Energy and the leadership of FORCE, AOCL will be an attractive investment proposition for project financers 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. DP Energy is a well-established developer of renewable energy projects globally, and Simon’s energy and vision will no doubt help drive this multi-turbine initiative to a successful conclusion.”

 

Simon De Pietro, CEO of DP Energy, said:

“DP Energy is delighted to partner with Atlantis on this project in support of the Nova Scotia Government initiative to promote and demonstrate the potential for the use of tidal energy. 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.”

 

ENDS

 

Notes to Editors

For more information regarding Atlantis, please contact Stephanie Blott or Caroline Cutler on +44 (0)203 727 1898 or email atlantis@fticonsulting.com

For more information regarding DP Energy, please contact Simon De Pietro +353 (0) 87 9722399

or email info@dpenergy.com

About Atlantis Resources

Atlantis Resources Limited is a vertically integrated turbine supplier and project developer in the tidal power industry. The Atlantis group holds equity positions in a diverse portfolio of tidal stream development projects, which includes a stake of 85% in MeyGen Limited, the company developing the MeyGen project in Scotland.

Alongside its project development interests, Atlantis owns a portfolio of patents and patent applications relating to tidal power generation and sells tidal generation equipment and engineering services to third party developers as well as its own projects. The Atlantis group, which is revenue generating, also conducts industrial research and development, and provides specialist consulting services globally.

Atlantis Resources was admitted to AIM on 20 February 2014.

(www.atlantisresourcesltd.com)

 

About DP Energy

DP Energy is a renewable energy developer with over 20 years experience in developing, building and operating wind farms across the UK and Ireland both as an independent developer and in conjunction with its JV partners. DP Energy is a project yield and IRR driven technology neutral and manufacturer agnostic developer focussed on delivery of best technology for any given site.

Since 2008 DP Energy has diversified beyond wind into new renewables technologies – including solar, tidal and storage, and also in developing projects based on these technologies in jurisdictions further afield from North America to Australasia. It currently has a development portfolio of over 1000MW of projects at various stages of development from shovel ready to early permitting, including some 330MW of Tidal Energy in Scotland and Northern Ireland. (www.dpenergy.com)