OpenHydro strikes tidal energy resource deal
Irish tidal renewable energy company OpenHydro has struck a deal that gives it access to one of the world's largest tidal energy resources.
The company has secured a substantial equity interest in Alderney Renewable Energy, with the island of Alderney and its territorial waters estimated to have the capabilities of producing enough electricity to power six large power stations.
It is estimated that somewhere in the region of 3,000MW worth of electricity could be gained from the resource, enough to power one million houses.
OpenHydro has acquired a 20% shareholding in the company based in the Channel Islands, which has been working in the planning of commercial tidal farms in the waters around Alderney for the past three years.
Brendan Gilmore, the chairman of OpenHydro, said: “Alderney’s waters contain one of the world’s largest resources of marine energy.
“We are delighted to invest in Alderney Renewable Energy Ltd and to provide our technology to harness this unique resource.”
A 285MW tidal array has already been secured as the first phase of the development with OpenHydro’s open-centre turbines set to be used as the preferred technology.
OpenHydro specialises in designing and manufacturing marine turbines to generate electricity from tidal locations.