Atlantis has signed a memorandum of understanding (MOU) with marine, subsea and renewable energy developer SBS to develop 150MW of tidal energy in Indonesia.
Under the terms of the MOU, Atlantis will partner with SBS to establish a joint venture to develop a 150MW tidal stream site in Indonesia with an investment of $750m.
Feasibility study of the project has already been completed by SBS, which has been assessing potential ocean energy resources for tidal-stream devices around the Indonesian archipelago for the past three years.
Atlantis CEO Tim Cornelius said: "The Indonesian archipelago of over 17,000 islands represents an extremely promising tidal stream resource."
Atlantis expects the project to provide highly predictable tidal stream power generation to meet the electricity needs in Indonesia.
Cornelius added: "This also represents an opportunity for us to demonstrate our industry leading tidal energy technology in a range of tidal conditions and export some of the intellectual property we have created through the development of the MeyGen project from Scotland to other parts of the world."
Planned to be built over a number of stages, the project will be supported by a 25-year power purchase agreement with the state-owned utility Perusahaan Listrik Negara (PLN).
SBS group chairman and CEO Michael Spencer said: "After more than three years of research into Indonesia’s archipelagic ocean resources, resulting in an exclusive offshore site development agreement with state-owned utility PLN, we are progressing toward signing a bankable 25-year Feed-in Tariff for the project."
Recently, Atlantis signed a partnership agreement with infrastructure investment group Equitix to raise funds for its tidal power projects in Scotland.
Image: Atlantis expects the new tidal project to provide potential highly predictable tidal stream power generation to Indonesia. Photo: courtesy of Gualberto107/ FreeDigitalPhotos.net.