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Emera abandons sinking Cape Sharp Tidal project

Power News - Published on Tue, 21 Aug 2018

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Emera formally notified OpenHydro and OpenHydro’s provisional liquidator (Grant Thornton) that we are withdrawing from our involvement in Cape Sharp Tidal, and we are in the process of examining our rights and obligations under our various commercial agreements with OpenHydro.

Naval Energies essentially made the decision about the viability of the Cape Sharp Tidal project when they withdrew their support of the tidal energy industry. The surprise application by Naval Energies to Ireland’s High Court on July 26th requesting the liquidation of OpenHydro and Naval Energies’ subsequent statement that it will no longer support or invest in tidal turbines left Emera with no practical choice but to withdraw from Cape Sharp Tidal.

Emera is a minority investor in Cape Sharp Tidal. Emera did not own or develop the technology for this project. From the beginning, we understood that OpenHydro’s in-stream tidal energy technology was cutting edge and required investment in a non-commercial demonstration project to prove its viability. Without support from the technology developer, OpenHydro, to operate and maintain the technology and the turbine, we do not believe that there is further value in pursuing this project for our business.

Emera said that “We understand that the provisional liquidator currently controls the majority interest of OpenHydro Technology in Cape Sharp Tidal and is responsible for decisions related to the operations and future of OpenHydro and its respective subsidiaries. Emera has repeatedly reinforced with Grant Thornton the need to continue environmental monitoring and safe operation of the deployed turbine and the importance of meeting all obligations of Cape Sharp Tidal and OpenHydro to local suppliers. It is our understanding that a number of local suppliers have been paid and we will continue to encourage the provisional liquidator to resolve all outstanding items as soon as possible.”

Emera has been an early advocate of in-stream tidal as a clean, renewable source of energy. We are proud of the role we have played to date to help develop an industry supported by local skills and expertise. Our investment of more than USD 12 million in OpenHydro and Cape Sharp Tidal has helped advance the industry and spurred a further investment of $33 million in the economy during building and installation alone.

These are the early days for the emerging in-stream tidal energy industry. Other companies will demonstrate various tidal energy technologies in the Bay of Fundy and Emera intends to continue its support of collaboration and innovation through our involvement in the Ocean Supercluster initiative.

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Posted By : Rabi Wangkhem on Tue, 21 Aug 2018
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