StockMarketWire.com - Alternative energy company Simec Atlantis Energy said approvals had been secured to transfer a lease for a tidal project off the coast of France.

The Prefecture de la Manche had approved the transfer of the lease to develop a 12 megawatt tidal power project in Raz Blanchard from Engie to Normandie Hydroliennes.

Raz Blanchard, Lower Normandy, was France's strongest tidal current and held 50% of the nation's tidal power potential.

Simec Atlantis Energy, which owned 49% of the joint venture, was the main shareholder and was seeking to expand the collaboration into a larger tidal project in Normandy and Alderney territorial waters.

'We are delighted to have received the relevant approvals to transfer this lease, which will allow us to now immediately progress with the development of one of the largest tidal power arrays in Europe,' chief executive Tim Cornelius said.

'This approval will allow us to get on with the task of delivering sustainable power to this region while also creating local jobs and attracting substantial investment in the area.'


At 9:08am: [LON:SAE] Simec Atlantis Energy Limited Ord Npv Di share price was +1.25p at 11.75p



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