November 21 (Renewables Now) - The head of SIMEC Atlantis Energy Ltd (LON:SAE) has inked documents for the formal creation of a joint venture that will execute “a multi hundred-megawatt” tidal power project in Normandy, France.
The company, previously known as Atlantis Resources, announced today the formal creation of the JV, called Normandie Hydrolienne, with the Development Agency for Normandy, also known as AD Normandy, and regional investment fund Normandie Participations. Under the terms of the deal, SIMEC Atlantis will hold a majority stake in the new firm.
Normandie Hydrolienne will now initiate site development, permitting and consenting works to enable the construction of a phased array of tidal stream facilities in Raz Blanchard. According to the latest announcement, Normandie Hydrolienne will begin hiring employees immediately.
The first array is expected to be energised in 2021 and be followed by larger projects from 2022. When announcing the plan last month, SIMEC Atlantis said it hopes to eventually add up to 2 GW of tidal energy capacity in Normandie.
“Normandy has all of the attributes required to deliver large scale tidal power projects – excellent natural resource in close proximity to load, available grid capacity, a feed-in-tariff, an established offshore energy supply chain and port facilities in Cherbourg and Le Have and access to EU funding,” commented Tim Cornelius, CEO of SIMEC Atlantis.