Tidal energy project to go ahead in Bay of Fundy

Edinburgh-based Sustainable Marine Energy (SME) is to supply three 420-kW PLAT-1 floating tidal energy systems for the first phase of the Pempa’q In-stream Tidal Energy Project in the Bay of Fundy, Nova Scotia, where tides are amongst the highest in the world.

The first phase will be developed and operated over its 15-year life by Spicer Marine Energy, a joint venture between SME and Minas Tidal LP, on behalf of independent German renewable energy investment company, reconcept GmbH, with which the joint venture enterprise has a design, build and operate (DBO) contract.

The first components for the 420-kW PLAT-1 systems have already started arriving at SME’s systems integration facility in Dartmouth, Nova Scotia, where SME’s Canadian subsidiary is based.

Karsten Reetz, managing director of reconcept, noted that signing the DBO contract was a significant milestone. “It provides the basis for further successful reconcept investment in the field of marine energy,” he said. “Our first investment fund named ‘RE13 Meeresenergie’ attracted great interest from the financial market. Around 250 German private investors participated in this tidal energy investment to deliver the first project in Nova Scotia’s Bay of Fundy. Now the doors are open for further high-yield offers.”

SME chief executive, Jason Hayman, remarked on widespread support for the project from a broad range of stakeholders including the Government of Nova Scotia. “Now that the first phase of the project has commenced, we will be working with them [reconstruct GmbH] on financing for subsequent phases,” he said.

SME’s first PLAT-1 prototype has been deployed at a test site in Nova Scotia’s Grand Passage for almost two years. The system has been widely tested and monitored in relation to possible environmental impact and so far, there has been no evidence of adverse effects on fish or marine animals. SME’s primary shareholders are Schottel Hydro and Scottish Enterprise.