Atlantis Resources - a force to be reckoned with in Canada
Atlantis Resources Limited's Canadian subsidiary has been awarded a Feed-in Tariff (‘FiT’) for up to 4.5 megawatts of tidal generation to be deployed at the Fundy Ocean Research Center for Energy (FORCE) in Nova Scotia, Canada. The AIM quoted group has itself rapidly become a ‘force’ to be reckoned with in the tidal energy space.
The Developmental Feed-In-Tariff award of C$530 (£292) per megawatt hour (MWh) provides revenue support for Atlantis to deploy and operate up to three state-of-the art AR-1500 turbines at FORCE. The approval from the Nova Scotia Government allows Atlantis’ wholly-owned subsidiary Atlantis Operations (Canada) Limited to enter into negotiations for a 15-year power purchase agreement with incumbent network operator Nova Scotia Power Limited, under which it may deploy and operate up to three state-of-the art 1.5MW AR-1500 turbines at FORCE. Clearly the high FiT supports a very high Internal Rate of Return over the 15 years and therefore a very attractive…