21st Apr 2016 07:48
LONDON (Alliance News) - Tidal power company Atlantis Resources Ltd on Thursday said it has signed a deal to develop a tidal energy project in Indonesia with SBS.
SBS is a privately-owned marine, subsea and renewable energy company, Atlantis said, and has been studying the potential for a tidal stream project in Indonesia since 2013.
Under the agreement, the pair will work on creating a joint venture to develop a 150 mega watt tidal stream site in Indonesia.
The total cost of the commercial array has been estimated at USD750.0 million, and it will be constructed over a number of stages, Atlantis said. SBS has completed a feasibility study and the project will be backed by a 25-year power purchase agreement with Perusahaan Listrik Negara, the Indonesian state-owned electricity company.
"We are looking forward to working with SBS on this exciting project that offers the potential to provide highly predictable tidal stream power generation to the people of Indonesia," said Tim Cornelius, Atlantis's chief executive.
Atlantis shares were up 3.7% to 63.8 pence Thursday.
By Sam Unsted; [email protected]; @SamUAtAlliance
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