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Decarbonisation agreement with AEL

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RNS Number : 4238L
SIMEC Atlantis Energy Limited
06 September 2019
 

6 September 2019

 

SIMEC ATLANTIS ENERGY LIMITED

("Atlantis", the "Company" or the "Group")

 

Landmark island decarbonisation agreement signed between Atlantis joint venture and Alderney Electricity Limited

 

SIMEC Atlantis Energy Limited ("Atlantis"), the global developer, owner and operator of sustainable energy projects, is delighted to announce that, via its joint venture Normandie Hydroliennes, it has signed a heads of terms with Alderney Electricity Limited ("AEL") to supply the island of Alderney in the Channel Islands with power from a proposed tidal array in the Raz Blanchard and help to reduce the island's current reliance on carbon intensive diesel generation.    

 

Normandie Hydroliennes is a joint venture with regional investment fund Normandie Participations and local manufacturer Efinor, through which Atlantis intends to develop, install, and operate a demonstration tidal array in the Raz Blanchard site off the coast of Normandy, France. AEL is the principle energy provider for the Channel Island of Alderney, importing fuel oils and sole generator and distributor of electricity.  The electricity supply is currently provided entirely by diesel generation from the island's power plant.  Access to other sources of supply, such as the tidally generated power from the Normandie Hydroliennes array, is expected to help diversify and decarbonise Alderney's energy mix, providing the potential for future economic growth without reliance on diesel. 

 

The heads of terms envisage that AEL and Normandie Hydroliennes will seek to enter into a 25-year power purchase agreement under which AEL would purchase a minimum of 5GWh of electricity per year from Normandie Hydroliennes at a fixed price.  This is sufficient to meet the entire current energy demand of the island.  Atlantis is assessing options to ensure that the island's electricity needs can be satisfied even during the short periods of slack tide when the tidal turbines will not be generating power.  Additionally, Atlantis and AEL intend to work together to identify opportunities to further decarbonise Alderney and create an environment for sustainable economic growth on the island.

 

Whilst there are no seabed development rights associated with this electricity supply agreement, it is hoped that by initially providing the island with sufficient tidal power to satisfy the majority of domestic use, this project may be a precursor to a larger scale array that the island of Alderney can develop in its territorial waters to export power to both the UK and Europe.

 

Tim Cornelius, CEO of SIMEC Atlantis, commented:

 

"We are absolutely delighted to secure AEL as a customer for electricity generated from the powerful waters of the Raz Blanchard. This is the first, important step in unlocking the vast economic potential of the tidal flows around the Channel Islands and it has taken the forward-thinking management of AEL to make this happen. We subscribe to their vision of not only seeking to provide security of supply for the island, but also using this project as a model for other island communities seeking to decarbonise and provide new opportunities for economic resilience.

 

Working with our project partners in France and making use of all of the experience garnered from operating the world's largest tidal array in Scotland, we hope to make Alderney a flagship example of the Blue Economy at work. This will involve harnessing the vast power of the ocean in an environmentally responsible way in partnership with the local community. We hope that this project will be a blue print for other island nations around the world in due course"

 

James Lancaster , MD of Alderney Electricity Limited, commented:

 

"Alderney's economy has struggled in recent years but things are turning around fast; the place has a real buzz about it, so this news could not come at a better time.  The team at Alderney Electricity, with the full support of the community, has worked hard in recent years to ensure that our energy assets are fit for the challenges ahead and we are looking forward to this next phase in our island's development.  For their part, SIMEC Atlantis Energy and their partners have gone above and beyond to understand what makes Alderney tick and getting to this point of common interest and aspiration has been easy.

 

This is such a great opportunity, bringing so much potential it is difficult to know where to start.  The benefits are immediate; halving the island's carbon footprint, stable energy pricing and increased capacity.  Much, much more than that, a fixed link to the continent gives our community the best possible platform for environmental, social, cultural and economic growth.

 

Looking to the long term, the Normandie Hydroliennes trial sites will be the first physical installation of tidal turbines in local waters and a necessary first step if the Alderney community is ever going to realise the full potential of our biggest asset, becoming a net exporter of green, clean energy."

 

 

Enquiries:

 

SIMEC Atlantis Energy Limited

via FTI Consulting

Tim Cornelius, Chief Executive Officer

Andrew Dagley, Chief Financial Officer

 

 

 

Cantor Fitzgerald Europe (Nominated Adviser and Joint Broker)

+44 (0)20 7894 7000

Rick Thompson

David Porter

 

 

 

J.P. Morgan Cazenove (Joint Broker)              

Michael Wentworth Stanley                               

+44 (0) 207 742 4000

 

FTI Consulting

 

+44 (0)20 3727 1000

Ben Brewerton

Alex Beagley

James Styles

Molly Stewart

 

 

 

 

Notes to Editors

 

The Alderney Race

 

Tidal flows around the Channel Islands contain a significant energy resource that if harnessed could provide electrical power to the Channel Islands, the UK and France. The Alderney Race contains the majority of the Channel Islands resource, with an estimated maximum potential of 5 GW of exploitable energy, recognised as some of the most tidally energetic waters in Europe.

 

Simec Atlantis Energy 

 

SIMEC Atlantis Energy is the global developer, owner and operator of sustainable energy projects with a diverse portfolio of more than 1,000 megawatts in various stages of development. This includes a 77% stake in the world's largest tidal stream power project, MeyGen, and 100% ownership of the 220MW Uskmouth power station conversion project.

 

https://simecatlantis.com/   

 

Alderney Electricity Limited

 

AEL a community focussed business, is the main energy provider for the island of Alderney, northernmost Channel Island, part of the Bailiwick of Guernsey and home to a community of some 2000 people.  AEL imports diesel for generation and transport, unleaded petrol for transport and kerosene for heating.  In the last 4 years AEL have invested over £3.5 million in improvements to grid, generation and system management infrastructure, creating a smart platform to reduce carbon footprint and meet future energy challenges.  AEL and community aspire to an energy system that is exemplar for sustainable isolated communities.

 

 


This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact [email protected] or visit www.rns.com.
 
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