Supplier Agreement for Indonesian Tidal Power

RNS Number : 7946A

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
SBS INTL LTD	[phone]
Michael J. Spencer, Group Chairman & CEO
PT. SBS Indonesia & PT. SBS Energi Kelautan	[phone]
Ary H. Anwar, Director, Legal & Contracts
FTI Consulting	[phone]
Ben Brewerton Alex Beagley James Styles

 

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