11/30/2015 04:52 EST | Updated 11/30/2016 05:12 EST

Nova Scotia Tidal Power Closer To Reality As 5th Company Steps Up

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Canada, Nova Scotia, Cabot Trail, breaking ocean waves, autumn
HALIFAX — A fifth developer has committed to test its tidal power technology at a site in the Bay of Fundy off Nova Scotia.

Irish-based DP Energy has signed an agreement with the province to install a 4.5-megawatt in-stream tidal energy project at the Fundy Ocean Research Centre for Energy in Parrsboro, N.S.

The company plans to install three 1.5-megawatt turbines at the site.

As part of its agreement with the province DP Energy will receive a developmental feed-in tariff rate of 53 cents per kilowatt hour.

The four other companies testing projects at Parrsboro include; Minas Energy, Black Rock Tidal Power Inc., Atlantis Operations Canada and Cape Sharp Tidal Venture, a joint venture between Emera Inc. and OpenHydro.