A firm that hoped to generate electricity from the Bay of Fundy's massive tides is instead winding up operations after a regulatory struggle with the federal Fisheries Department.
Jason Hayman, chief executive of U.K.-based Sustainable Marine Energy, says investors are placing their Canadian subsidiary into bankruptcy after fruitless talks with the department. His firm will wind up all its operations in Canada, resulting in losses of approximately $30 million to $40 million, depending on sales of equipment and assets, he added.
Sustainable Marine Energy planned to produce megawatts of electricity to power Nova Scotia homes; instead, the executive says the firm's bankruptcy will discourage other investors."It's going to kill the whole tidal power adventure in Nova Scotia and sterilize the massive investment that's been made by the provincial government, the federal government and private investors," Hayman said.
In the letter, the Fisheries Department said the project's rotors were capable of moving at 15 metres per second and could potentially impact fish."We still don't know how well migratory fish can control their movements and avoid structures," the department said. It said any further authorizations to test more turbines would depend on the effectiveness of whatever technology the company would develop over the next year to detect fish movements.
Graham Daborn, a biologist and professor emeritus at Acadia University, said the bankruptcy illustrates the huge scientific challenges in harnessing the world's most powerful tides.
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