09/20/2012 04:13 EDT | Updated 11/20/2012 05:12 EST

Tidal project proposed for Cape Breton community

HALIFAX - The Cape Breton community of Bras d'Or has received provincial approval for an in-stream tidal project.

Fundy Tidal plans to develop the 0.5-megawatt project in the Great Bras d'Or Channel.

Company spokesman Dana Morin says the project first requires an environmental assessment, consultations with First Nations and further research to determine the viability of the project.

Money for the project will come from the province's Community Economic Development Investment Fund, which will sell shares across the province.

More than 25 community-based groups have submitted over 100 locally based renewable energy development proposals for funding.