Atlantis Resources Limited has submitted a strategic plan to the French government that includes a goal to deliver 1 GW of tidal power by 2025 at Le Raz Blanchard in France.
The company recently completed a study that concludes 2 GW of tidal energy is immediately available to be harnessed at this site in Normandy and 1 GW could be operational by 2025, with potential to create up to 10,000 jobs and attract more than €3 billion (US$3.65 billion) of CAPEX investment.
This 1 GW of power “will drive the reduction of Levelised Cost of Energy (LCOE) for tidal energy lower than any offshore wind farm currently under construction of in the UK when the final phase of the proposed 1GW project is commissioned.”
The study also concluded that Le Raz Blanchard has one of the world’s best tidal energy resources and the site could be quickly expanded to 2 GW by 2027. Construction of a 2-GW project would attract €3.3 billion (US$4.01 billion) of investment and open up an export market worth an estimated €400 million (US$487 million) in turbine sales annually and with potential to create 10,000 jobs.
“France is sitting on a low cost renewable energy gold mine at Le Raz Blanchard,” Atlantis Chief Executive Officer Tim Cornelius said. “Now that the tidal stream industry has been through the R&D phase and is now entering full scale commercialization, France should be at the forefront of exploiting this environmentally benign, predictable and inexhaustible source of renewable energy.”
In fact, Atlantis says in a press release that the French government has commissioned studies that are currently under way to assess the best tidal power sites in French maritime waters, ahead of commercial tenders. And France is involved in developing tidal stream experimentation sites and pilot projects in preparation of tidal commercial rounds recently announced by Environment secretary of state Sebastien Lecornu.
Earlier this year, in April, Atlantis announced a significant milestone with its MeyGen tidal stream array in Scotland with construction complete on Phase 1A.