A U.S. and Irish joint venture called Verdant Isles Ltd. aims to uncover tidal energy potential and develop projects in the U.K. and Ireland, U.S.-based marine energy company Verdant Power Inc. and Ireland's Belleville Duggan Renewables Ltd. announced mid-week.
Wave and tidal stream energy combined has the potential to deliver around 20 percent of the U.K.’s current electricity needs which equates to an installed capacity of around 30 to 50 gigawatts, the Department of Energy and Climate Change (DECC) estimates.
"The establishment of Verdant Isles allows Verdant Power to develop opportunities in Ireland and the U.K. by partnering with a locally-based engineering, procurement and construction renewable energy contractor and developer," Verdant Power co-founder Trey Taylor said.
"Within the next six years, Verdant Isles aims to have 40 megawatts of tidal energy commissioned, with multiples of the same coming on stream in the following years," the company announced.
Development of this means investment of more than €100 million, plus the potential to create up to 250 Irish jobs in the resulting global supply chain, Verdant added.
The U.K. currently tests around 10 megawatts of wave and tidal stream devices which is more than the rest of the world combined, according to RenewableUK data.
Verdant Isles will also establish a manufacturing base in the region that will "become part of a global supply chain for marine energy devices."
"Further research into Ireland’s accessible energy resources will be an integral part of the joint venture," the company added.