Swedish ocean energy developer Minesto has signed a memorandum of understanding (MoU) with Chilean energy project developer Trayen Power to work together on the development of tidal and ocean current energy projects in Chile.
Minesto said it sees Chile as a particularly attractive market, combining world-class tidal and ocean current resources with both large utility arrays and microgrid opportunities.
“Chile is an interesting new market for Minesto, where we see opportunities for both utility-scale projects and applications supplying local industrial energy users. Establishing collaboration with a strong local partner is central to our market-entry model, and together with Trayen Power, we can now progress concrete site opportunities and build the technical and commercial basis for Dragon projects in Chile,” said Martin Edlund, CEO of Minesto.
“Our approach is to develop opportunities together with local partners and secure project-specific business development and feasibility study funding. This enables Minesto to establish new markets in a capital-efficient way while creating a strong basis for future commercial deployments."
The partners will initially focus on identifying and evaluating suitable sites for Minesto's Dragon Class technology, progressing feasibility work and securing funding for project development.
The long-term objective is to develop tidal and ocean current energy production supplying renewable electricity to the local grid or directly to local energy users.
“Minesto’s Dragon technology provides an exciting opportunity to develop tidal and ocean current resources in Chile. Through this collaboration, we combine Minesto’s technology and experience with our local project development capabilities. Our immediate focus is to identify the strongest project opportunities and progress them through feasibility and towards investment,” said Miguel Iturrate, CEO of Trayen Power.