SCOTTISH company Aquamarine Power has signed an agreement with Airtricity aimed at developing sites capable of hosting 1,000MW of marine energy by 2020.
The two firms are entering into a joint venture to develop wave and tidal energy sites in the UK and the Republic of Ireland.
Edinburgh-based Aquamarine specialises in technical solutions to deliver renewable marine energy from ocean waves and tides, while Airtricity is the renewable energy development division of Scottish and Southern Energy.
Aquamarine chief executive Martin McAdam said: “This contract is the biggest deal in the history of marine energy. Fully consented offshore windfarm sites are selling to owner operators at anywhere between £150,000 and £400,000 per MW consented, giving a strong indication of the large potential value of this deal if all 1,000MW of sites receive full consents and grid connection.”
Stephen Wheeler, Airtricity’s director responsible for marine development, added: “Airtricity is committed to the renewable energy market. Following the significant investments made by our parent company, Scottish and Southern Energy, in Aquamarine and their technology, this is the next logical step; to provide a route to market for its promising Oyster and Neptune technologies.
“The agreement gives Airtricity a first option on sites Aquamarine develop, using their know-how and technology to identify and develop environmentally sensitive and profitable sites for the future.
“We see marine energy making an increasingly important contribution to our growing portfolio of renewable energy generation plants.”
