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The Low Carbon Economy Ltd

23 Feb 2009 05:02:04

Agreement for 1,000MW marine power signed

Agreement for 1,000MW marine power signed
Aquamarine Power and Airtricity have agreed to jointly develop 1,000 megawatts (MW) of marine capacity.

The companies, which have agreed to enter a 50:50 joint venture, have already started developing two sites but plan to start work on various others over the next three years.

Using Aquamarine's Oyster Wave Energy Converter and the Neptune Tidal Device, the pair hope to set up projects with a total capacity for 1,000MW, with the financial remunerations possible impressing the company's chief executive Martin McAdam.

He 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."

Airtricity is a renewable energy subsidiary of Scottish and Southern Energy, which announced earlier this month that its renewable capacity had reached four gigawatts.



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