Atlantis Resources Limited Supplier Agreement for Indonesian Tidal Power
29 March 2017 - 5:02PM
RNS Non-Regulatory
TIDMARL
Atlantis Resources Limited
29 March 2017
Wednesday 29 March 2017
Atlantis Resources Limited
("Atlantis" or the "Company")
Preferred Supplier Agreement for Indonesian Tidal Power
Projects
Atlantis, a global leader in the tidal power generation sector,
has signed a Preferred Supplier Agreement ("PSA") with SBS INTL LTD
(SBS), a privately-owned international marine, subsea and renewable
energy project developer, for the supply of turbines, engineering
services and equipment for a 150MW (megawatt) tidal-stream array
located in Lombok, Indonesia. SBS is a UK project developer with a
branch office and IPP (Independent Power Producer) in Jakarta. The
project will be supported via a 25-year PPA with PT. Perusahan
Listrik Negara ("PLN"), the state-owned electrical utility
company.
SBS has been awarded exclusive development rights to three
offshore sites which are situated around the islands of Lombok and
Bali and have a combined ocean energy capacity of 450MW. Front End
Engineering and Design (FEED) and Environmental Impact Assessment
(EIA) for Phase I (12MW) is expected to commence this year.
In accordance with the Indonesian Government's recent commitment
to stimulating the domestic renewable energy industry via
sustainable development initiatives, Atlantis will seek to
establish a dedicated local facility for turbine assembly, testing
and maintenance and a local turbine manufacturing facility once
aggregate orders for turbines exceed 100 units in Indonesia.
Tim Cornelius, CEO of Atlantis, commented:
"Indonesia has clear potential for commercial-scale tidal power
and the support of PLN shows there is also the demand and support
for the development of tidal power in remote island locations
across Indonesia. SBS has secured exclusive developments for three
sites each with a potential installed capacity of 150MW and we look
forward to working with SBS to deliver clean, predictable,
sustainable energy harvested from the ocean."
Michael J. Spencer, Group Chairman & CEO of SBS INTL LTD,
commented:
"Atlantis has demonstrated strong commitment to work with SBS on
our tidal energy projects in Indonesia and we are confident we have
selected the best possible partner. Together, we will complete an
efficient supply chain for the first 150MW site as Atlantis
establishes its turbine assembly and O&M base and we look
forward to capturing further efficiencies when they establish the
first tidal turbine manufacturing facility in Indonesia and in the
region."
Enquiries:
Atlantis Resources via FTI Consulting
Tim Cornelius, Chief Executive
Officer
Simon Counsell, Chief Financial
Officer
+44(0)20 7256
SBS INTL LTD 4158
Michael J. Spencer, Group Chairman
& CEO
PT. SBS Indonesia & PT. SBS Energi +62(0)21 5291
Kelautan 7427
Ary H. Anwar, Director, Legal
& Contracts
+44 (0)20 3727
FTI Consulting 1000
Ben Brewerton
Alex Beagley
James Styles
This information is provided by RNS
The company news service from the London Stock Exchange
END
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