Halifax, Nova Scotia, Canada, September 21, 2012 — The government of Nova Scotia gave the go-ahead to a 500-kW in-stream tidal project developed by local tidal energy firm Fundy Tidal.
The project, located in the Great Bras d'Or Channel, was approved under the province's community feed-in tariff program. It will be partially funded through a community economic development investment fund that is to sell shares across Nova Scotia.
Fundy Tidal's director of business development Dana Morin said that the Strategic Environmental Assessment, First Nations Consultations and further research on the viability of the project were yet to be completed. The project also needs the backing of community stakeholders before the company could press ahead with its development.
Energy Minister Charlie Parker said such projects would help the province achieve its target of generating 40 percent of electricity from renewable energy sources by 2020.