Atlantis Resources Limited, an AIM-listed, Singapore-based tidal wave group, is broadening its spread of operations to Indonesia through a proposed joint venture with undersea cable group SBS. The companies intend to work together to develop a 150Mw tidal stream site in Indonesia.
SBS has been working on the possibility of tidal-stream devices in the area since 2013 and has completed a feasibility study for this project. A 25-year power purchase agreement with Indonesian state-owned electricity company Perusahaan Listrik Negara (PLN) is also in place.
Total cost is estimated at US$750 million with construction planned over a number of stages.
Atlantis’ current portfolio is primarily focused off the Scottish coast where it has pipeline of projects with an aggregate potential capacity of almost 640Mw. There are other development projects in China, Canada, and India.
Atlantis CEO Tim Cornelius said: “The Indonesian archipelago of over 17,000 islands represents an extremely promising tidal stream resource. Working with SBS offers the potential to provide highly predictable tidal stream power generation and an opportunity to demonstrate its tidal energy technology.
SBS CEO Michael Spencer said, “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.
“Atlantis’ experience and industry leading marine energy expertise will complement our own and help us advance the development of the first commercial-scale tidal array in South East Asia.”
Atlantis has this month strengthened its balance sheet through a £6.5 million placing with proceeds to fund project development across its portfolio. It follows deals recently with Belgian contractor DEME that saw it pay £2 million for a 2% stake in the Scottish offshore portfolio and a separate agreement with infrastructure fund Equitix for direct project funding.
Atlantis is a vertically integrated turbine supplier and project owner in the tidal power industry. Atlantis owns interests in a diverse portfolio of tidal stream development projects, which includes a majority ownership of MeyGen, the world’s largest tidal current power project in planning.