Minesto, a prominent ocean energy developer, has signed a Memorandum of Understanding with Chilean project developer Trayen Power to collaborate on the development of tidal and ocean current energy projects in Chile. Chile represents a particularly attractive market for Minesto, combining a high level of tidal and ocean current resources with many remote and islanded energy systems that present both large utility arrays and microgrid opportunities.
The collaboration establishes a framework for Minesto and Trayen Power to jointly develop commercial opportunities for Minesto’s Dragon Class technology. The initial focus will be on identifying and evaluating suitable sites, progressing feasibility work and securing funding for project development. The long-term objective is to develop tidal and ocean current energy production supplying renewable electricity to the local grid or directly to local energy users.
Chile hosts a range of marine-based industries, including aquaculture and coastal infrastructure operations, where predictable ocean energy can support decarbonisation and reduce reliance on imported fuels.
Dr Martin Edlund, CEO of Minesto, commented: “Chile is an interesting new market for Minesto, where we see opportunities for both utility-scale projects and applications supplying local industrial energy users. Our approach is to develop opportunities together with local partners and secure project-specific business development and feasibility study funding. This enables Minesto to establish new markets in a capital-efficient way while creating a strong basis for future commercial deployments”.
“Our immediate focus is to identify the strongest project opportunities and progress them through feasibility and towards investment,” commented Miguel Iturrate, CEO of Trayen Power.
