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SIMEC Atlantis secures lease transfer approval for Raz Blanchard

Normandie Hydroliennes has been working with the relevant authorities over the past 12 months to obtain the relevant approvals for the transfer of the lease

SIMEC Atlantis Energy -

SIMEC Atlantis Energy Limited (LON:SAE) has got the regulatory nod for the transfer of a lease to develop a tidal project in Raz Blanchard, Normandy.

The authorities have approved the transfer of the lease to develop the 12 megawatt (MW) tidal power project from ENGIE to Normandie Hydroliennes.

Normandie Hydroliennes is the marine energy development company comprising Atlantis, the Development Agency for Normandy (AD Normandie), the regional agency for economic development in Normandy, the regional investment fund Normandie Participations and local industrial group EFINOR.

Atlantis has a 49% stake in the joint venture and is seeking to expand this collaboration into a larger tidal project in Normandy and Alderney territorial waters.

Normandie Hydroliennes has been working with the French Environmental and Energy Management Agency (ADEME) and all relevant government ministries over the past 12 months to obtain the relevant approvals for the transfer for what will be the first stage of a potential multi-hundred-megawatt project marine energy project in Raz Blanchard.

"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,” said Tim Cornelius, the chief executive officer of SIMEC Atlantis Energy.

“The territorial waters of Normandy have huge untapped tidal power resource and material progress can now be made in setting up the infrastructure and supply chain required in Normandy to deliver this €50+m project. 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,” he added.

“Normandie Hydrolienne is committed to ensuring that this array is the catalyst for the installation and delivery of at least 1GW of operational capacity in the Alderney Race, which could be quickly expanded to 2GW with the right investment, government support and collaboration with developers from across France," Cornelius concluded.

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Price: 16.85 GBX

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