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03.09.2011 12:52EDF Renewables Unit to Partner OpenHydro in Tidal Power Project
The first 4-megawatt project with EDF, which is costing about 40 million, should be fully connected to the grid in 2012, OpenHydro said in a statement
© Oceanflow Energy@flickr.com
OpenHydro Group Ltd., an Irish maker of tidal turbines, said it’s planning a second marine energy project in French waters with Electricite de France SA, Europe’s biggest power producer.
OpenHydro, which is already working with EDF on a 4- megawatt tidal power project, is looking to develop another with the company’s renewable power unit, EDF Energies Nouvelles SA, Peter Corcoran, chief financial officer of Dublin-based OpenHydro, said, as quoted by Bloomberg.
“We are working on planning with EDF Energies Nouvelles on a potential project in French waters,” Corcoran said yesterday from Dublin. Aurelia de Lapeyrouse, spokeswoman for EDF Energies Nouvelles, confirmed the collaboration in an e-mail and declined to comment further.
The first 4-megawatt project with EDF, which is costing about 40 million, should be fully connected to the grid in 2012, OpenHydro said in a statement. The project will see the installation of four turbines off the coast of Paimpol-Brehat, northwest France. The first of these is now fully assembled and ready for testing.
OpenHydro received EUR 14 million from DCNS SA, a Paris-based marine engineering company, for an 8 percent stake in January. This added to speculation that the tidal energy industry, which is struggling to raise capital, would pursue more deals, Ashwini Bindinganavale, a clean-energy analyst at Bloomberg New Energy Finance, said at the time.
The company won’t be raising further funds until 2012 or 2013, but would look to its existing shareholder base first, Corcoran said. “DCNS will be given an opportunity to further invest should OpenHydro require further funding,” he said.
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