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Atlantis customer takes FID for Phase I of huge tidal project in Indonesia

The AR1500 tidal energy turbine. Source: Lockheed Martin

October 9 (Renewables Now) - SBS Energi Kelautan (SBSEK), the owner of the 150-MW Nautilus tidal stream energy project in Indonesia, has taken a final investment decision for the 12-MW first phase of the scheme.

The news was announced today by Atlantis Resources Ltd (LON:ARL), which expects a firm order for the delivery of eight 1.5-MW Atlantis AR1500 turbines for this project. In late March, Atlantis said it was chosen as the preferred supplier of turbines, engineering services and equipment for the scheme in Lombok.

“This would represent our largest ever equipment order from Asia and, with 100 x 1.5MW turbines planned for the total project, equates to a multi-hundred million dollar supply contract for Atlantis,” Tim Cornelius, CEO of Atlantis, said in a press statement today. He stressed that this is a big announcement for the Asian tidal stream market.

Under the terms of the previously-signed Preferred Supplier Agreement (PSA), Atlantis will manufacture and install the turbines for Phase I by the first quarter of 2020. This would be followed by a site expansion to 70 MW under Phase II and possibly to 150 MW under Phase III.

Atlantis and SBS unveiled the creation of a JV for the Indonesian project in April 2016. SBS holds exclusive development rights to three offshore sites around the islands of Lombok and Bali. They have a combined ocean energy capacity of 450 MW, according to a previous Atlantis’ announcement.

The first phase of the Nautilus project will be backed by a 30-year power purchase agreement with state-owned electrical utility company PT Perusahaan Listrik Negara (Persero), or PLN.

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Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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