Atlantis Resources Limited 8 Turbine System Order for Atlantis in Indonesia
October 09 2017 - 2:00AM
RNS Non-Regulatory
TIDMARL
Atlantis Resources Limited
09 October 2017
9 October 2017
Atlantis Resources Limited
("Atlantis" or the "Company")
Nautilus Project in Indonesia announces FID firming up 8 turbine
system order for Atlantis
Atlantis, a global leader in the tidal power sector, is pleased
to announce that its customer, SBS Energi Kelautan (SBSEK), owner
of the 150MW Nautilus tidal stream project in Indonesia has
announced final investment decision has been taken with its
investors to progress with Phase 1 (12MW). This represents an
important step towards a firm order for 8 x 1.5MW Atlantis AR1500
turbine systems. Phase 1 of the Nautilus project will be supported
by a 30-year power purchase agreement in place with the State owned
electrical utility company, PT. Perusahaan Listrik Negara (Persero)
(PLN).
Earlier this year, Atlantis 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 the Nautilus project which is located in Lombok,
Indonesia.
Under this PSA, Atlantis intends to manufacture and install 8 x
1.5MW turbines by Q1 2020 (Phase I), followed progressively by a
site expansion to 70MW (Phase II) and ultimately up to a potential
capacity of 150MW (Phase III). The supply of turbines will be
subject to agreement of full contractual terms between the relevant
parties. SBSEK has awarded the Engineer, Procure, Construct,
Install and Manage contract for offshore surveys; completion of
FEED; EIA studies; turbine/power cable manufacturing turbine
assembly, system integration testing and installation activities to
SBS.
Tim Cornelius, CEO of Atlantis, said: "This is a big
announcement for the Asian tidal stream market. Having been
appointed by SBS earlier this year as their preferred supplier, I
am delighted that Phase 1 of the Nautilus tidal stream project is
moving ahead in earnest. This would represent our largest ever
equipment order from Asia and, with 100 x 1.5MW turbines planned
for the total project, equates to a multi-hundred million dollar
supply contract for Atlantis. I have said before that Indonesia has
clear potential for commercial-scale tidal power and we look
forward to being a part of this exciting project which will deliver
clean, predictable energy for the people of Indonesia. SBS have
done an excellent job to originate and develop this project with
the Indonesian Government, PLN and their private equity
investors."
Enquiries:
Atlantis Resources Via FTI Consulting
Tim Cornelius, Chief Executive
Officer
Andrew Dagley, Chief Financial
Officer
FTI Consulting +44 (0) 203 727 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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