Government of Canada invests $30M in Halagonia Tidal Energy

The government of Canada, through Natural Resources Canada’s Emerging Renewable Power Program (ERPP), has provided $29.8 million funding to Halagonia Tidal Energy Ltd. in support of Halagonia’s $117-million project to provide clean electricity to Nova Scotia.

Halagonia Tidal Energy Ltd., part of DP Energy Ireland Ltd., is developing the world’s largest tidal stream turbine array across two berths at the Fundy Ocean Research Centre for Energy (FORCE) facility in the Bay of Fundy. The project benefits from a 15-year 9 MW Feed-In Tariff (FIT) at a rate of $530/MWh, with the current programme seeing the turbines deployed at the FORCE site by the end of 2020.

Early this year, DP Energy bought out its 50% partner Simec Atlantis Energy (LSE-AIM: SAE) to own 100% of Atlantis Operations (Canada) Limited (AOCL) and renamed as Halagonia Tidal Energy Ltd.

The Halagonia Tidal Energy project will create approximately 120 jobs and ultimately, will generate enough renewable energy to power more than 2,500 homes.

photo credit: FORCE

News Release

Minister Sohi Announces Major Investment in Renewable Tidal Energy That Will Power 2,500 Homes in Nova Scotia
From: Natural Resources Canada

News release
September 20, 2018 – Halifax, Nova Scotia – Natural Resources Canada

Our government is committed to making investments that use Canada’s natural advantage, our resources, to make our economy more competitive while cutting pollution. These include investments in emerging technologies to tap the vast potential of marine renewable energy.

Today, the Honourable Amarjeet Sohi, Canada’s Minister of Natural Resources, announced $29.8 million for Halagonia Tidal Energy Ltd. in support of its $117-million project to provide clean electricity to Nova Scotia. The project will cut pollution from power generation in Nova Scotia, which currently relies on fossil fuels for a large portion of its electricity needs, and create well-paying, clean jobs for Canadians.

The project, which will create approximately 120 jobs, will deploy a nine megawatt tidal energy system and combine both floating and submerged turbines to work together, improving efficiency. It will demonstrate the capability to extract energy in both shallow and deep water. Ultimately, the project will generate enough renewable energy to power more than 2,500 homes. Showcasing that predictable and reliable energy can be extracted from the Bay of Fundy is another step toward developing Canada’s huge marine energy potential.

A first of its kind in Canada, the project will also demonstrate the potential for further tidal energy projects and provide valuable experience managing electricity generation from tidal resources, reducing barriers to entry for the tidal industry.

The funding, which was announced at the G7 Ministerial Meeting on Working Together on Climate Change, Oceans and Clean Energy in Halifax, is part of Natural Resources Canada’s Emerging Renewable Power Program (ERPP) plan for promoting clean growth and fighting climate change.

Quotes
“This investment will support a low-carbon future while encouraging businesses to innovate, grow and create well-paying, long-term jobs for Canadians in an emerging sector. We have taken an approach that will grow our economy and protect the environment, all while encouraging growth in the marine renewable energy sector.”

Amarjeet Sohi
Minister of Natural Resources

“Developing marine renewable energy is a key pillar of our province’s clean energy plan, and we continue to support projects that advance our understanding of how to capture the Bay of Fundy’s clean, renewable energy potential. Further public and private sector investment in this sector will spur innovation and solidify Nova Scotia’s position as a leader in the development of tidal technology and set us on a path to a cleaner economic future.”

Derek Mombourquette
Nova Scotia’s Minister of Energy and Mines

“Tidal energy can make a significant contribution to Canada and our world’s need to reduce greenhouse gas emissions, and has the potential to do so in a cost-competitive way along with the more mature renewable technologies of wind and solar. This investment and the support of both the Government of Canada and Province of Nova Scotia are welcomed and will help both deliver the technology in a challenging environment and support the development of a new industry as we make the essential transition to a low-carbon world.”

Simon De Pietro
Chief Executive Officer, Halagonia Tidal Energy Ltd.

Contacts
Natural Resources Canada
Media Relations
343-292-6100
NRCan.media_relations-media_relations.RNCan@canada.ca

Vanessa Adams
Press Secretary
Office of the Minister of Natural Resources
613-716-7658
Vanessa.Adams@canada.ca

Follow us on Twitter: @NRCan (http://twitter.com/nrcan)


Ted Liu
Ted Liu, M.Sc. (Mining), MBA (Finance), is the Editor of Private Capital Journal, TechnologyMetals.ca, GoldSilverMetals.ca, and former Editor of Canadian Private Equity. Ted has been passionately tracking Canadian private capital industry since 1992, most recently served as Research Director for The Canadian Venture Capital and Private Equity Association (CVCA). Ted was the architect of CVCA infobase, and is the architect of sophisticated and advanced CPE Media Private Capital Dealbase. Ted is President of CPE Media Inc., Canada's independent, trusted and unbiased data provider tracking Canadian VC/PE, private capital industry and public market.
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