Atlantic Resources signs MOU for Indonesian tidal power project

Atlantis has announced that it has entered into a Memorandum of Understanding (MOU) with SBS, a privately owned international marine, subsea and renewable energy developer which has been studying the potential of ocean energy resources for tidal-stream devices around the Indonesian archipelago since 2013.

Under this Agreement, Atlantis and SBS will work together to establish a joint venture to develop a 150MW tidal stream site in Indonesia. The total cost of this commercial array has been estimated at US$750 million and will be constructed over a number of stages. SBS has completed a feasibility study and the project will be supported by a 25-year power purchase agreement with the state-owned Electricity company, Perusahaan Listrik Negara (PLN).

Atlantis has the largest portfolio of tidal power projects in the United Kingdom, which represent a combined potential capacity of almost 700MW, in addition to its other development projects throughout China, Canada, India and a number of other parts of the world.

Tim Cornelius, CEO of Atlantis, commented:

"The Indonesian archipelago of over 17,000 islands represents an extremely promising tidal stream resource. We are looking forward to working with SBS on this exciting project that offers the potential to provide highly predictable tidal stream power generation to the people of Indonesia.

“This also 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.”

Michael Spencer, Group Chairman and CEO of SBS, commented:

“After more than three years of research into Indonesia’s archipelagic ocean resources, resulting in an exclusive offshore site development agreement with state-owned utility PLN, we are progressing toward signing a bankable 25-year Feed-in Tariff for the project. SBS acknowledges and welcomes Atlantis Resources’ world-leading manufacturingexperience, technology and UK tidal current experience.

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.”