New Zealand firm to finance Blue Energy 200-MW tidal project

New Zealand-based World Energy Research has signed an agreement to finance development of a 200-MW tidal power project to be developed by Blue Energy Canada.

World Energy Research said July 4, 2009, it agreed to finance Vancouver-based Blue Energy's first big commercial tidal project, at a location to be announced, at a cost of about US$500 million.

"After exhaustive research, World Energy Research found several companies capable of producing small amounts of energy, but none on the scale of Blue Energy's Davis tidal turbine, which was developed specifically to harness tidal power on a large scale," World Energy Research Managing Director Chad Willis said.

Blue Energy Canada's vertical axis turbine is designed to be efficiently lift driven, much like modern wind turbines, rather than traditional drag-driven paddle wheel designs. The turbine is composed of vertical hydrofoils attached to a central shaft transmitting torque to a generator.

The turbine is to be housed in a thin concrete caisson that channels water flow to the unit and houses the generator and electrical components above the water surface. The modular units are designed to be stacked to form a "tidal bridge" that actually could be used as a bridge between two land masses.

World Energy Research is an Auckland-based energy research, exploration, management, and operating company that specializes in development and commercialization of green energy technology.

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