Atlantis Resources Limited Agreement to develop 150MW of tidal energy
April 21 2016 - 2:43AM
RNS Non-Regulatory
TIDMARL
Atlantis Resources Limited
21 April 2016
21 April 2016
Atlantis Resources Limited
("Atlantis" or the "Company")
Agreement to develop 150MW of tidal energy in Indonesia with SBS
INTL LTD ("SBS")
Atlantis, a global leader in the tidal power sector, is pleased
to announce that it has entered into a Memorandum of Understanding
(the "Agreement") with SBS, a privately owned international marine,
subsea and renewable energy developer which has been studying the
potential of ocean energy resources for tidal-stream devices around
the Indonesian archipelago since 2013.
Under this Agreement, Atlantis and SBS will work together to
establish a joint venture to develop a 150MW tidal stream site in
Indonesia. The total cost of this commercial array has been
estimated at US$750 million and will be constructed over a number
of stages. SBS has completed a feasibility study and the project
will be supported by a 25-year power purchase agreement with the
state-owned Electricity company, Perusahaan Listrik Negara
("PLN").
Atlantis has the largest portfolio of tidal power projects in
the United Kingdom, which represent a combined potential capacity
of almost 700MW, in addition to its other development projects
throughout China, Canada, India and a number of other parts of the
world.
Tim Cornelius, CEO of Atlantis, commented:
"The Indonesian archipelago of over 17,000 islands represents an
extremely promising tidal stream resource. 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.
"This also represents an opportunity for us to demonstrate our
industry leading tidal energy technology in a range of tidal
conditions and export some of the intellectual property we have
created through the development of the MeyGen project from Scotland
to other parts of the world."
Michael Spencer, Group Chairman and CEO of SBS, commented:
"After more than three years of research into Indonesia's
archipelagic ocean resources, resulting in an exclusive offshore
site development agreement with state-owned utility PLN, we are
progressing toward signing a bankable 25-year Feed-in Tariff for
the project. SBS acknowledges and welcomes Atlantis Resources'
world-leading manufacturing experience, technology and UK tidal
current experience.
We are delighted to be entering into this agreement with
Atlantis, whose experience and industry leading marine energy
expertise will complement our own and help us to advance the
development of the first commercial-scale tidal array in South East
Asia."
Enquiries:
Atlantis Resources via FTI Consulting
Tim Cornelius, Chief Executive
Officer
Simon Counsell, Chief Financial
Officer
Peel Hunt LLP (Nominated Adviser +44 (0)20 7418
and Broker) 8900
Daniel Harris
Jock Maxwell Macdonald
Euan Brown
+44 (0)20 3727
FTI Consulting 1000
Ben Brewerton
Alex Beagley
Stephanie Blott
James Styles
SBS INTL LTD
Ary H. Anwar, Director - Legal +62 812 1311
& Public Relations 1322
About Atlantis (www.atlantisresourcesltd.com)
Atlantis Resources Limited is a vertically integrated turbine
supplier and project developer in the tidal power industry. The
Atlantis group holds equity positions in a diverse portfolio of
tidal stream development projects, which includes a stake of 85% in
MeyGen Limited, the company developing the MeyGen project in
Scotland. The MeyGen project is the largest consented tidal stream
power project in Europe, and is scheduled to commence generation in
H2 2016.
Alongside its project development interests, Atlantis owns a
portfolio of patents and patent applications relating to tidal
power generation and sells tidal generation equipment and
engineering services to third party developers as well as its own
projects. The Atlantis group, which is revenue generating, also
conducts industrial research and development and provides
specialist consulting services globally.
About SBS INTL LTD (www.sbsintl.com)
SBS is a privately-owned, specialist development engineering and
international offshore project developer with more than 27-years'
experience. With immediate access to experts in its sister
divisions, it brings a unique, multidisciplinary approach to bear
on its clients' marine assets and subsea infrastructure design,
development and operational challenges. SBS tailors its services to
cover the full design life of its clients' production assets - from
concept definition, to installation & commissioning, through
life-cycle field support and decommissioning.
This information is provided by RNS
The company news service from the London Stock Exchange
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