Nova Scotian tidal energy developer attracts local investment for community projects
Digby County, Nova Scotia-November 6, 2013 – Fundy Tidal Inc. (Fundy Tidal) has successfully completed their Community Economic Development Investment Fund (CEDIF) Offering. In so doing the company is confirmed as an eligible proponent under the Province of Nova Scotia’s Community Feed-In Tariff (COMFIT) program by establishing itself as a Community Economic Development Corporation (CEDC) with a minimum of 25 investors from the community.
Digby County-based Fundy Tidal has received approvals for several small-scale tidal projects under the COMFIT in Digby County (1.95 MW in Digby Gut and 500 kW in each of Grand Passage and Petit Passage) and Cape Breton (100 kW in Barra Strait and 500 kW in Great Bras d’Or Channel). The approvals stipulate the projects are to be operational by 2017 but the company hopes to have a demonstration device installed by 2015 in Grand Passage.
The COMFIT is part of Nova Scotia’s Renewable Electricity Plan, which sets out a detailed program to move Nova Scotia away from an electricity system dominated by imported coal to one that is based on sources that are greener and closer to home. It promotes local economic development, energy security and diversity, and cleaner energy production.
COMFIT provides an opportunity for small-scale power producers to receive an established price per kilowatt hour (kWh) for projects producing electricity from qualifying renewable resources. It is intended to encourage and support the development of renewable electricity projects by community-based groups such as municipalities, First Nations, co-operatives, universities, CEDIFS and not-for-profit groups, and is expected to add 100 megawatts of renewable electricity to the province’s electricity production capacity.
The proceeds of the Offering will be used to further develop Fundy Tidal’s COMFIT projects in conjunction with the recently announced Acadia University-led research project funded under Natural Resources Canada’s (NRCAN) ecoENERGY Innovation Initiative to identify the best locations for small-scale tidal power projects in Digby County.
The $3.3 million research project will receive $1.6 million from NRCAN with further cash and in-kind contributions from project partners Acadia, Dalhousie University and the University of New Brunswick along with industry partners Dynamic Systems Analysis, Fundy Tidal, and Clean Current Power Systems.
“Meeting the requirements to be designated as a CEDC is another significant milestone for Fundy Tidal. Community ownership and benefits such as developing local skill sets and employing the local supply chain that has worked on the Bay of Fundy for generations are key parts of Fundy Tidal’s vision.” states Fundy Tidal President Vince Stuart.
A public meeting to discuss proposed projects in the Long and Brier Islands area is scheduled for November 14th, 2013 at 7PM at the Islands Consolidated School in Freeport.
For more information on Fundy Tidal please see www.fundytidal.com. Further details on the Province’s COMFIT program are available at www.nsrenewables.ca. To learn more about tidal power in general, visit the Acadia Tidal Energy Institute website to access the Community & Business Toolkit for Tidal Energy Development at tidalenergy.acadiau.ca/community-business-toolkit-.html