Penningtons Manches has recently advised tidal energy company Manx Tidal Energy Limited (MTE), the company which has been granted a seven year survey licence by the Isle of Man Government to survey the seabed off the Point of Ayre. Signing of the licence was announced on 12 October 2015 and further details can be found here. The licence will enable MTE to carry out preliminary work to determine the practicality and commercial viability of offshore electricity production.
Andrew Roy, chairman of MTE, said: “The potential of this site illustrates the huge environmental and economic opportunities in the Isle of Man’s territorial waters, potentially making it a world leader in offshore energy production. The size and scale of the site could make this the largest tidal energy project in the world to date. The ambition of the industry is matched by the Government’s vision to develop an offshore energy hub as one of the key strategies to boost the economy. The issue of this survey licence demonstrates the political appetite to unlock the vast potential of the Irish Sea’s clean energy resources.”
The Penningtons Manches team was led by partner James Stephen supported by Richard Cooke (construction), Alison Lewis (real estate) and Gemma Davis (corporate). James Stephen commented: “We have advised Manx Tidal Energy Limited for some time now in conjunction with its Isle of Man counsel and we are delighted to have assisted in the settlement of the company’s survey licence. This is an exciting step for MTE, allowing it to assess the practicality and commercial viability of harnessing the tidal power in the waters to the northwest of the Isle of Man. We look forward to supporting Manx Tidal Energy as it progresses this opportunity.”
Steve Malley, director of MTE, commented: “We have received valuable input from James Stephen and the team at Penningtons Manches as part of finalising the survey licence. We look forward to working with them on this project as matters progress.”