Agreement to develop 150MW of tidal energy

RNS Number : 8843V

Atlantis Resources Limited

21 April 2016

 

21 April 2016

Atlantis Resources Limited

("Atlantis" or the "Company")

Agreement to develop 150MW of tidal energy in Indonesia with SBS INTL LTD ("SBS")

Atlantis, a global leader in the tidal power sector, is pleased to announce that it has entered into a Memorandum of Understanding (the "Agreement") with SBS, a privately owned international marine, subsea and renewable energy developer which has been studying the potential of ocean energy resources for tidal-stream devices around the Indonesian archipelago since 2013.

Under this Agreement, Atlantis and SBS will work together to establish a joint venture to develop a 150MW tidal stream site in Indonesia. The total cost of this commercial array has been estimated at US$750 million and will be constructed over a number of stages. SBS has completed a feasibility study and the project will be supported by a 25-year power purchase agreement with the state-owned Electricity company, Perusahaan Listrik Negara ("PLN").

Atlantis has the largest portfolio of tidal power projects in the United Kingdom, which represent a combined potential capacity of almost 700MW, in addition to its other development projects throughout China, Canada, India and a number of other parts of the world.

Tim Cornelius, CEO of Atlantis, commented:

"The Indonesian archipelago of over 17,000 islands represents an extremely promising tidal stream resource. We are looking forward to working with SBS on this exciting project that offers the potential to provide highly predictable tidal stream power generation to the people of Indonesia.

"This also represents an opportunity for us to demonstrate our industry leading tidal energy technology in a range of tidal conditions and export some of the intellectual property we have created through the development of the MeyGen project from Scotland to other parts of the world."

Michael Spencer, Group Chairman and CEO of SBS, commented:

"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. SBS acknowledges and welcomes Atlantis Resources' world-leading manufacturing experience, technology and UK tidal current experience.

We are delighted to be entering into this agreement with Atlantis, whose experience and industry leading marine energy expertise will complement our own and help us to advance the development of the first commercial-scale tidal array in South East Asia."

Enquiries:

Atlantis Resources	via FTI Consulting
Tim Cornelius, Chief Executive Officer
Simon Counsell, Chief Financial Officer
Peel Hunt LLP (Nominated Adviser and Broker)	[phone]
Daniel Harris Jock Maxwell Macdonald Euan Brown
FTI Consulting	[phone]
Ben Brewerton Alex Beagley Stephanie Blott James Styles
SBS INTL LTD
Ary H. Anwar, Director - Legal & Public Relations	[phone]

About Atlantis (www.atlantisresourcesltd.com)

Atlantis Resources Limited is a vertically integrated turbine supplier and project developer in the tidal power industry. The Atlantis group holds equity positions in a diverse portfolio of tidal stream development projects, which includes a stake of 85% in MeyGen Limited, the company developing the MeyGen project in Scotland. The MeyGen project is the largest consented tidal stream power project in Europe, and is scheduled to commence generation in H2 2016.

Alongside its project development interests, Atlantis owns a portfolio of patents and patent applications relating to tidal power generation and sells tidal generation equipment and engineering services to third party developers as well as its own projects.  The Atlantis group, which is revenue generating, also conducts industrial research and development and provides specialist consulting services globally.

About SBS INTL LTD (www.sbsintl.com)

SBS is a privately-owned, specialist development engineering and international offshore project developer with more than 27-years' experience. With immediate access to experts in its sister divisions, it brings a unique, multidisciplinary approach to bear on its clients' marine assets and subsea infrastructure design, development and operational challenges. SBS tailors its services to cover the full design life of its clients' production assets - from concept definition, to installation & commissioning, through life-cycle field support and decommissioning.

 

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