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Wave energy developer Scotrenewables receives new ABB loan

International power and technology group ABB has announced a new US$12 million investment in hydrokinetic energy developer Scotrenewables Tidal Power, HydroWorld.com has learned.

The investment will support the rollout of a new hydrokinetic device, ABB said, while also helping the company expand its renewable energy assets.

Specifically, ABB said its funding will help develop what Scotrenewables is calling the SR2000 -- a floating 2 MW turbine that includes "a number of innovations to deliver simplicity, low mass, rapid connection/disconnection and heightened survivability."

Installation of a commercial unit at the Lashy Sound tidal demonstration site in Orkney, Scotland, is planned for later this year.

"We are delighted to have concluded this major investment deal and to have secured funding for the next vital stage in the development of our innovative floating tidal technology," Scotrenewables CEO Barry Johnson said. "ABB's involvement allows us to tackle complex cabling and grid connection challenges, thereby speeding the technology development process."

ABB's investment was made via its venture capital unit, ABB Technology Ventures (ATV), which invests in early and growth stage companies or strategic importance.

"ABB led a comprehensive review of tidal stream technology and concluded that Scotrenewables was well below its peers in capital outlay per megawatt and overall power delivery cost," ATV senior vice president Grant Allen said.

HydroWorld.com reported in December 2012 that ABB had announced an $8.12 million investment in Scotrnewables, alongside an additional $6.24 from Fred Olsen and Total S.A.

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