Commencement of Joint Development Agreement for Tidal Energy Project in Canada

Source: 8/4/2021, Location: North America

Kawasaki Kisen Kaisha, Ltd. (hereinafter ”K” LINE) and Chubu Electric Power Co., Inc (hereinafter Chubu Electric Power) have entered into a Joint Development Agreement (JDA) with DP Energy, a renewable energy developer headquartered in Ireland, for the Uisce Tapa Tidal Energy project (hereinafter the Project) in Nova Scotia, Canada.

This project will be the first tidal energy project in which a Japanese company will participate overseas. In this Project three underwater turbine generators are planned to be installed in the Bay of Fundy, Nova Scotia, Canada, with the aim to start operation of the first turbine in 2023.

The project holds a 15-year Power Purchase Agreement of 530 CAD/MWh awarded with Nova Scotia Power Incorporated and is recipient of approximately 30 million CAD grant from Natural Resources Canada.

JDA is limited to contribution of development cost. After FID, the first turbine would be installed. Chubu Electric Power will contribute to the realization of carbon-free society by developing renewable ocean energy and so on as one of the measures to achieve the "Zero Emissions Challenge 2050".

“K” LINE Group is promoting its efforts to reduce greenhouse gas (GHG) emissions in accordance with its “K” LINE Environmental Vision 2050. In addition to promoting its own decarbonization, “K” LINE Group will contribute to the realization of a carbon-neutral society by supporting the decarbonization of society through developing renewable ocean energy.

“Uisce Tapa Tidal Generation would be a trigger Project to utilize ocean energy contributing to the global decarbonization.” said Hiroki Sato, Executive Officer, Corporate Planning & Strategy Division at Chubu Electric Power.

“Through this Project, “K” LINE aim to contribute to in the business that supports the decarbonization of society while utilizing our experiences accumulated in the field of international marine transportation together with partner companies.” said Satoshi Kanamori, Executive Officer, in charge of LNG, Carbon-Neutral Promotion at “K” LINE.

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