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Home›Marine financing›Nova Innovation Secures Seabed Lease for 15MW Tidal Power Project in Shetlands

Nova Innovation Secures Seabed Lease for 15MW Tidal Power Project in Shetlands

By Andre Cruz
February 16, 2022
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Tidal energy pioneer Nova Innovation has announced plans to develop a 15MW grid off the coast of Shetland, which the company envisions will be able to meet up to a third of demand for household electricity on the islands.

The company revealed today that it has secured an option agreement from Crown Estate Scotland to develop the tidal network between the islands of Yell and Bigga, which it says could be operational as soon as 2024, if granted the final planning consent and funding required. .

Having secured the seabed lease today, the company is now focused on obtaining environmental and licensing clearances from Marine Scotland and the Shetland Islands Council respectively before they can start developing the project.

It comes about six years after Nova completed the world’s first offshore tidal array in Shetlands in nearby Bluemull Sound, where it has been supplying power to the local grid since 2016.

Simon Forrest, CEO of Nova Innovation, said the new project announced today will help catalyze Shetland’s transformation from an oil and gas hub into a major player in green energy.

“Having been at the center of the oil and gas industry for 50 years, Shetland is now at the forefront of the green energy revolution, and we are excited to play our part in decarbonising Shetland” , did he declare. “Building on Shetland’s success with the world’s first offshore tidal array at Bluemill Sound, we are delighted to be working with local partners to deliver another world-class project.”

The company has not yet released a timeline for when development work on the project will start, or when it expects the bay to be operational.

Nova has insisted that new tidal turbines planned between Yell and Biga will have no impact on land and seascapes, after carrying out “comprehensive” environmental monitoring of turbines in its existing network which it says has demonstrated that they could operate underwater “in harmony” with the navy. wildlife.

Michael Matheson, Scottish Cabinet Secretary for Net Zero and Energy, said the deal marked “another milestone in the commercialization of tidal power in Scotland” and would put Shetland “at the heart” of this exciting technology.

“With our abundant natural resources and expertise, Scotland is ideally placed to tap into the global marine energy market while helping to create a net zero economy here and around the world,” he said. .

Want to learn more about the impact of the net zero transition on your business? You can now register to attend the virtual Net Zero Finance Summit, which will take place live and interactively on Tuesday, March 29 and will be available on demand for delegates after the event.

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