Todd Energy Invests In World Leading Tidal Project

MEDIA RELEASE Thursday 3 December 2009

Todd Energy Invests In World Leading Tidal Power Project

Leading energy producer and retailer Todd Energy announced this week it has taken a cornerstone shareholding in tidal energy company Crest Energy.

Together the two energy companies will develop a tidal electricity generation farm in the Kaipara Harbour that has the potential to generate enough electricity to power 250,000 homes.

Todd Energy’s Managing Director Richard Tweedie said Todd Energy’s decision to become a significant shareholder was a signal of confidence in both Crest Energy and its Northland tidal project, and tidal generation itself.

“Todd Energy has long been investing in the research and development of renewable energy technology. We see this as an extension of our renewable energy capability with tidal sitting alongside solar, wind, hydro and co-generation.”

The Kaipara tidal project will be the first of its kind in New Zealand once commissioned.

“We will also be at the forefront of developing a commercial tidal plant in a world-wide context,” Mr Tweedie said.

He said closer to home the plant, which may generate up to 200MW once all 200 turbines are running, will bring security of supply to Northland.

“We are delighted to be part of a project which will not only shore up Northland’s network but will bring numerous jobs to the region.”

Todd Energy will contribute its technical expertise to the project and be actively engaged in the design of the farm.

Anthony Hopkins, Crest Energy Spokesperson said he is delighted with the partnership and believes the tidal project is New Zealand’s opportunity to “lead the world in the commercialisation of tidal power, which is clean, silent, sustainable and will make a substantial contribution to the nation’s electricity needs”.

The project maintains New Zealand’s tradition of harnessing renewable energy, said Mr Tweedie.

“About 70 per cent of New Zealand’s electricity is produced from hydroelectric, geothermal, wind and other sustainable sources,” he said

Tidal turbines follow similar principles to wind turbines, except that the tides and more predictable and certain.

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