Atlantis Resources expands tidal power in Indonesia
Tidal power company Atlantis Resources has expanded its presence in Indonesia after sealing a supply deal with a marine, subsea and renewable energy project developer.
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The AIM-listed company is seeking to building on the development of its MeyGen tidal power project in Scotland, and will supply turbines, engineering services and equipment for a 150 megawatt tidal-stream array located in Lombok to SBS International.
SBS, a UK project developer with a branch office and an independent power producer in Jakarta, will be supported with a 25-year power purchase agreement with Perusahan Listrik Negara, a state-owned electrical utility company.
SBS has exclusive development rights to three offshore sites around the Lombok and Bali islands, which have a combined ocean energy capacity of 450MW, and front end engineering and design as well as an environmental impact assessment for the first phase 12MW capacity is expected to start this year.
Atlantis will establish a local facility for turbine assembly, testing and maintenance and a turbine manufacturing facility once orders for turbines exceed 100 units in Indonesia.
The move to country is in response to the Indonesian government's recent commitment to stimulate its domestic renewable energy industry through sustainable development initiatives.
Atlantis chief executive Tim Cornelius said: "Indonesia has clear potential for commercial-scale tidal power and the support of Perusahan Listrik Negara shows there is also the demand and support for the development of tidal power in remote island locations across Indonesia."
SBC chairman and chief executive Michael J. Spencer said the companies “will complete an efficient supply chain for the first 150MW site as Atlantis establishes its turbine assembly and operations and maintenance base”.
Shares Atlantis Resources were down 2.65% to 55p at 1006 GMT.