DP Energy is raising funds to build a 10 MW Fair Head tidal demonstration array, which represents the first phase of building a larger proposed 100 MW tidal project off the north Antrim coast, the Irish media report.
The company is looking for funds from the state, EU and investors in order to develop GBP 50 mln worth tidal demonstration project, according to the Irish media.
“We need small scale projects in the water to demonstrate confidence. We are currently actively looking at the financing and funding we can put in place for the demo project. You need confidence with investors (for larger projects), you need to show them what you are doing is real,” Simon De Pietro , DP Energy’s chief executive, was quoted as saying by The Daily Business Post.
Fair Head Tidal (FHT), jointly owned by DP Marine Energy and Bluepower NV, was awarded an Agreement for Lease from The Crown Estate in 2012 which grants it exclusive rights to carry out surveys on the site and, after securing the necessary consents, apply for a long term lease to use the site for the construction and operation of a tidal array with an installed capacity of up to 100 MW.
The project is expected to generate the equivalent electricity to power an estimated 70.000 Northern Irish homes by 2020. The development area is centred approximately 2 km to the east of Fair Head off the north Antrim coast and around 1km at its nearest point to land.
The first, up to 10 MW demonstration array, is proposed to connect into the existing grid system at Ballycastle. The decision on consent application for the 10 MW demo array is expected in 2015, and the commencement of the construction is planned for 2017.
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