StockMarketWire.com - Simec Atlantis Energy said it had agreed terms to define its tidal power project collaboration venture with Development Agency for Normandy.

The JV, called Normandie Hydrolienne, will now commence site development, permitting and consenting works to allow for the construction of a phased array of tidal energy projects.

It would endeavour to energise the first array of tidal energy turbines in 2021, before rolling out larger projects from 2022.

When combined with projects in Alderney's waters, they could create a 2 gigawatt energy source and the largest planned tidal project in Europe, the company said.

Normandie Hydrolienne would establish an operational presence in Normandy and Atlantis would hold a majority stake.

The new company was excepted to commence recruitment immediately.

'This JV cements our place within the global race to bring tidal power to commercialisation,' chief executive Tim Cornelius said.


At 1:29pm: [LON:SAE] Simec Atlantis Energy Limited Ord Npv Di share price was 0p at 16.75p



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