Agreement to develop 1,000MW of wave and tidal

The agreement is aimed at developing sites capable of hosting 1,000MW of marine energy by 2020.

Under the Agreement, the two companies will enter into a 50:50 joint venture to develop wave and tidal energy sites in the UK and Republic of Ireland. Work on the development of the first two sites has already started, with plans to roll out further sites over the next three years.

To complement its technology development, Aquamarine’s in-house site development team has developed unique tools to identify and evaluate marine energy sites across the world. Using its in-house model of tidal and wave power resources around the coasts of UK and Ireland, the company has identified several Gigawatts (GW) of promising sites. To secure consent to develop marine energy capacity, high consideration must be given to local stakeholders, socio-economic impacts, environmental compatibility and other sea users’ needs.

The two companies’ goal is to deliver marine energy sites suitable for deploying Aquamarine’s wave and tidal technologies, including the Oyster Wave Energy Converter and the Neptune Tidal Device. The two companies will work together with stakeholders to select and develop the most promising sites to deliver local economic benefits, environmental protection and clean energy.

Aquamarine is simultaneously pursuing a similar contract for developments in Southern Europe.

Martin McAdam, chief executive of Aquamarine said, ‘This contract is the biggest deal in the history of marine energy. Fully consented offshore wind farm sites are selling to owner operators at anywhere between £150,000 and £400,000 per MW consented, giving a strong indication of the large potential value of this deal if all 1,000MW of sites receive full consents and grid connection.’