Jan 24 2011
Bord Gais has decided to develop Ireland’s first underwater tidal farm, and with this in mind the company has formed a joint venture and has procured a small stake in OpenHydro, a Renewable Energy (RE) Company.
Bord Gais is to invest €2 million in the Irish company, which plans to both design and manufacture marine turbines for generation of RE from tidal streams. OpenHydro has raised € 15.4 million during the past year through investors such as One51 chief executive Philip Lynch (Chief Executive) and John Maguire along with other new investors and shareholders. The company’s value is currently € 150 million.
According to John Mullins, Chief of Bord Gais, the deal would give them an early mover advantage in the development of tidal energy in the country. Mullins has been leading the utility’s move to RE utilizing a € 10 million fund purchasing many wind farms from SWS Natural Resources and also investing in innovative energy firms from 2009 onwards.
Thus far, OpenHydro has been successful in RE Projects abroad when compared to RE ventures in Ireland. It has entered into a joint venture for developing a 200 MW tidal farm along Scotland’s northern coast and is also planning projects in the Channel Islands, France, Canada and in the US. OpenHydro was also the first company to generate power from Britain’s tidal stream and later transfer it to the national grid.
Ocean Energy more or less is a largely untested technology but currently, Europe is forcefully trying to harness ocean energy. Wave power could cost three times more than other RE sources as per a study conducted by Black & Veatch, an engineering and construction firm, and hence is one of the most expensive RE forms.
A possible site for the tidal farm has not been selected by OpenHydro and Bord Gais off the Irish coast, and they have also not obtained a Government permit yet.
Source: http://www.bordgais.ie