Atlantis sells half of its Canadian business to DP Energy
Atlantis has formed a joint venture partnership with the DP Energy group to develop a multi-turbine array at the FORCE facility in Nova Scotia, Canada. The two companies have entered into a sale and purchase agreement for the sale of a 50% interest in Atlantis Operations (Canada) Limited (AOCL).
AOCL is the lease holder of a berth at the Fundy Ocean Research Centre for Energy in Nova Scotia’s Bay of Fundy and beneficiary of a grant of up to C$5 million from Sustainable Development Technology Canada for installation of a tidal stream project at the site.
Additionally, in December 2014, it was announced that AOCL had been awarded a feed-in tariff for up to 4.5 megawatts of tidal generation at a rate of C$530 per megawatt hour.
The cash transaction, completion of which is subject to satisfaction of certain conditions, would enable the DP Energy group to take an active role alongside Atlantis in bringing AOCL’s opportunities to fruition and developing the huge potential of the Canadian tidal energy market, Atlantis explained.
Tim Cornelius, Atlantis CEO, said: “We are always aiming to create value for our shareholders through working with the right partners in technology and project development, and look forward to the contribution that the DP Energy group has to offer to our Canadian operations.”
Simon De Pietro, DP Energy Director, 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 as 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. “
Image: Atlantis Resources