Ottawa has announced a $29.8 million grant for a new project that aims to harness the immense power of the Bay of Fundy’s tides.
Natural Resources Minister Amarjeet Sohi announced the grant in support of a $117-million project operated by Halagonia Tidal Energy Ltd. on Thursday, amidst a meeting of G7 ministers that has emphasized the importance of renewable energies.
Simon De Pietro, director of Irish-based DP Energy, said its Halagonia subsidiary would produce enough energy to power 2,500 homes using a tidal power generation unit tested in the bay.
He said the nine megawatt system could combine both floating and submerged turbines to work together, improving efficiency.
The project comes amid the uncertain future of the marquee Cape Sharp Tidal venture. De Pietro said in an interview that his firm is aware of the challenges of operating in a bay with the world’s highest tides.
“Indeed the Bay of Fundy has already demonstrated its ability to challenge. We do not take that challenge lightly,” he said during the announcement.
A news release from the federal government said Halagonia’s project “will also demonstrate the potential for further tidal energy projects and provide valuable experience managing electricity generation from tidal resources.”
The funding is drawn from a larger pool of funds Natural Resources Canada has set aside for its emerging renewable power program.
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