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Nova obtains permit to develop 1.5-MW tidal array in Nova Scotia

Source: Nova Innovation

December 12 (Renewables Now) - Scottish tidal energy firm Nova Innovation Ltd has won a permit to develop a 1.5-MW tidal array in the Bay of Fundy area of Nova Scotia.

The company said in a statement that it plans to take a phased approach to developing the project and start with the installation of a single turbine on the seabed next year. By 2023, the project site in Petit Passage is expected to accommodate 15 tidal stream turbines, thus forming a facility that is five times the size of Nova’s three-turbine array in Shetland, according to CEO Simon Forrest.

The government of the province has committed to pay CAD 0.5 (USD 0.380/EUR 0.341) per kWh of electricity from the planned 15 turbines.

The news came just a couple of days after Nova Innovation announced it had raised over GBP 700,000 (USD 531,500/EUR 477,500) in a crowdfunding campaign on investment platform Seedrs, shooting past its investment target of GBP 500,000 within two weeks of the launch.

(CAD 1.0 = USD 0.759/EUR 0.682)

(GBP 1.0 = USD 1.319/EUR 1.185)

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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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