Aquamarine To Develop 1 GW of Ocean Energy

Aquamarine Power has signed a Development Agreement with Airtricity, the renewable energy development division of Scottish and Southern Energy (SSE), aimed at developing sites capable of hosting 1,000 megawatts (MW) of various types of marine energy by 2020.

Under the agreement, the two companies will enter into a 50:50 joint venture to develop wave and tidal energy sites in the UK and Republic of Ireland. Work on the development of the first two sites has already started, with plans to roll out further sites over the next three years.

The companies’ goal is to deliver marine energy sites suitable for deploying Aquamarine’s wave and tidal technologies, including the Oyster Wave Energy Converter and the Neptune Tidal Device. Aquamarine is simultaneously pursuing a similar contract for developments in Southern Europe.

“This contract is the biggest deal in the history of marine energy. Fully consented offshore wind farm sites are selling to owner operators at anywhere between £150,000 [US $217,000] and £400,000 [US $579,000] per MW consented, giving a strong indication of the large potential value of this deal if all 1,000 MW of sites receive full consents and grid connection,” said Martin McAdam, CEO of Aquamarine

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