SIMEC Atlantis Sets Up Normandie Hydrolienne JV
- Business & Finance
SIMEC Atlantis Energy said it has agreed terms for the purpose of developing a phased large-scale tidal power project in the Raz Blanchard, Normandy, as well as fostering the marine industry and local supply chain in the region more generally.
The deal is with Development Agency for Normandy (AD Normandie Développement), the regional agency for economic development in Normandy and regional investment fund Normandie Participations.
The JV documents were signed by Tim Cornelius and Hervé Morin, President of the Normandy region, in a ceremony which took place in the French Embassy in London on the evening of 20th November 2018.
The new Joint Venture company, called “Normandie Hydrolienne” will now begin site development, permitting and consenting works to allow for the construction of a phased array of tidal energy projects, in this area of high tidal resource, at scale.
Normandie Hydrolienne should energise the first array of tidal energy turbines in 2021 before rolling out larger projects from 2022 which, when potentially combined with projects in Alderney’s waters could create a 2GW, fully predicable energy source and the largest planned tidal project in Europe.
This pipeline approach should allow the company to work closely with supply chain partners to facilitate rapid Cost of Energy reduction and the fit out of turbine manufacturing facilities in either Cherbourg or Le Havre.
Normandie Hydrolienne, will establish an operational presence in Normandy and Atlantis will hold a majority stake. The new company is excepted to start recruitment immediately in Normandy and seeks to work closely with the French Government, all relevant French regulators, the European Commission and the European Investment Bank to deliver Europe’s largest tidal power project.
Tim Cornelius, CEO of SIMEC Atlantis, said: “Normandy has all of the attributes required to deliver large scale tidal power projects – excellent natural resource in close proximity to load, available grid capacity, a feed-in-tariff, an established offshore energy supply chain and port facilities in Cherbourg and Le Have and access to EU funding.”