HALIFAX, Sept. 20, 2018 /CNW/ - Our government is committed to making investments that use Canada's natural advantage, our resources, to make our economy more competitive while cutting pollution. These include investments in emerging technologies to tap the vast potential of marine renewable energy.
Today, the Honourable Amarjeet Sohi, Canada's Minister of Natural Resources, announced $29.8 million for Halagonia Tidal Energy Ltd. in support of its $117-million project to provide clean electricity to Nova Scotia. The project will cut pollution from power generation in Nova Scotia, which currently relies on fossil fuels for a large portion of its electricity needs, and create well-paying, clean jobs for Canadians.
The project, which will create approximately 120 jobs, will deploy a nine megawatt tidal energy system and combine both floating and submerged turbines to work together, improving efficiency. It will demonstrate the capability to extract energy in both shallow and deep water. Ultimately, the project will generate enough renewable energy to power more than 2,500 homes. Showcasing that predictable and reliable energy can be extracted from the Bay of Fundy is another step toward developing Canada's huge marine energy potential.
A first of its kind in Canada, the project will also demonstrate the potential for further tidal energy projects and provide valuable experience managing electricity generation from tidal resources, reducing barriers to entry for the tidal industry.
The funding, which was announced at the G7 Ministerial Meeting on Working Together on Climate Change, Oceans and Clean Energy in Halifax, is part of Natural Resources Canada's Emerging Renewable Power Program (ERPP) plan for promoting clean growth and fighting climate change.
"This investment will support a low-carbon future while encouraging businesses to innovate, grow and create well-paying, long-term jobs for Canadians in an emerging sector. We have taken an approach that will grow our economy and protect the environment, all while encouraging growth in the marine renewable energy sector."
Minister of Natural Resources
"Developing marine renewable energy is a key pillar of our province's clean energy plan, and we continue to support projects that advance our understanding of how to capture the Bay of Fundy's clean, renewable energy potential. Further public and private sector investment in this sector will spur innovation and solidify Nova Scotia's position as a leader in the development of tidal technology and set us on a path to a cleaner economic future."
Nova Scotia's Minister of Energy and Mines
"Tidal energy can make a significant contribution to Canada and our world's need to reduce greenhouse gas emissions, and has the potential to do so in a cost-competitive way along with the more mature renewable technologies of wind and solar. This investment and the support of both the Government of Canada and Province of Nova Scotia are welcomed and will help both deliver the technology in a challenging environment and support the development of a new industry as we make the essential transition to a low-carbon world."
Simon De Pietro
Chief Executive Officer, Halagonia Tidal Energy Ltd.
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SOURCE Natural Resources Canada
For further information: Natural Resources Canada, Media Relations, 343-292-6100, [email protected]; Vanessa Adams, Press Secretary, Office of the Minister of Natural Resources, 343-543-7645, [email protected]