Atlantis Resources has teamed up with marine outfit SBS to pursue a potential 150MW tidal stream project in Indonesia.
The two parties have signed a memorandum of understanding that could result in a joint venture to build a phased project costing up to US$750m.
Marine, subsea and renewables developer SBS has already completed a feasibility study and has secured the support of a 25-year power purchase deal from state owned utility PLN.
Atlantis chief executive Tim Cornelius said: “This 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.”
SBS counterpart Michael Spencer added: “After more than three years of research into Indonesia’s archipelagic ocean resources . . . we are progressing toward signing a bankable 25-year feed-in tariff for the project.
“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.”
Image: the Atlantis tidal turbine (Lockheed Martin)
