Tidal Energy Licence Revoked

Government has revoked the marine renewable-electricity licence issued to Cape Sharp Tidal Venture.

The company no longer has the financial ability to deliver the project, which breaches the terms of its licence under the Marine Renewable-energy Act.

Without a licence, the company is also in violation of its feed-in tariff approval. As a result, that agreement has also been revoked.

The company is now required to retrieve its turbine in the Minas Basin. If that does not happen in a reasonable timeframe, government will begin the process of accessing the security that remains in place.

The company’s turbine continues to be monitored and it presents no danger to marine life or the environment.