US-based marine and hydrokinetic (MHK) energy firm Verdant Power has partnered with Ireland’s Belleville Duggan Renewables to develop tidal energy projects in Ireland and the UK.

The two firms, newly formed joint venture known as Verdant Isles Ltd, will develop tidal energy projects in Ireland and the UK.

Sustainable Energy Authority Ireland (SEAI) studies have showed that Ireland’s tidal current energy could be the potential source of clean energy and economic driver.

According to SEAI, the estimated "viable" tidal current energy resources to be developed in Irish waters are 900GWh per year.

Verdant said that the more than €150m investment is required to develop just half of this target and would create up to 250 Irish jobs in the resulting global supply chain.

Bellville Duggan Renewables John Gleeson said: "Our goal is to become one of the leading project developers in the clean-tech sector."

"To achieve this, we need to be aligned with technology developers at the forefront of their respective areas. Belleville Duggan Renewables is excited to announce the establishment of Verdant Isles as a partnership with Verdant Power – a world leader in the design and application of marine energy solutions."

Verdant Isles is also planning to establish a manufacturing base in Ireland as part of a global supply chain for marine energy devices.

Verdant Power co-founder Trey Taylor said: "The establishment of Verdant Isles allows Verdant Power to develop opportunities in Ireland and the UK by partnering with a locally-based EPC renewable energy contractor and developer with whom the company has established a strong working relationship."

The joint venture will also consider further research into Ireland’s accessible energy resources.