RusHydro, Atlantis sign Australia projects MoU

Atlantis Resources, the AIM-listed vertically integrated turbine supplier and project owner in the tidal power industry, and JSC Lenhydroproject (a 100%-owned subsidiary of RusHydro) have signed a Memorandum of Understanding about cooperation on prospective tidal power projects in Australia.

By K.Steiner-Dicks on May 6, 2014

Under the Memorandum the parties will identify prospective tidal power projects in Western Australia for construction using tidal range orthogonal turbines - a development of RusHydro, and will undertake a feasibility study for these projects.

The parties have already started water and energy calculations, to identify capacity and annual output, on one of the prospective projects. During 2014, an application for funding for the project will be submitted by Atlantis to Clean Energy Finance Corporation in Australia (CEFC).

Tim Cornelius, Chief Executive of Atlantis, said: "This MoU, coming hard on the heels of our recently announced collaboration with Dongfang, is further validation of Atlantis' leading position in the emerging tidal power market in a geography which we know well. In addition to the portfolio of development projects that Atlantis has established in recent years, we also are now positioned to play an active role in the opening up of two high potential tidal power markets: China and Western Australia."

RusHydro Group is one of the largest Russian energy holdings, comprising more than 70 renewable energy facilities in Russia and abroad. Installed capacity of power plants of RusHydro is 37,5 GW, including capacities of "RAO Energy Systems of East", as well as the newest and modern plant in Russia - Boguchanskaya HPP.