Irish tidal technology company OpenHydro and Alderney Renewable Energy (ARE) have today signed a joint venture, to develop a 300MW tidal project in Alderney waters.

The joint venture company is called Race Tidal Ltd.

The island of Alderney is located in the Channel Islands and its territorial waters contain one of the world’s largest tidal energy resources which once fully developed is estimated to power 1.5 million homes.

It is expected to consist of 150 turbines which will produce enough power for over 150,000 homes.

As announced previously, FAB Link Limited, a joint venture between ARE and Transmission Investment LLP is developing a power interconnector between France, Alderney and Britain.

This link will enable the tidal power generated in Alderney’s waters to be exported to European markets, as well as allowing energy to be traded between France and Britain.

ARE has a long established relationship with OpenHydro with both companies bringing their complementary expertise to this project.

In 2008, ARE secured a 65 year license permitting it to develop marine renewable energy projects in Alderney’s waters.

OpenHydro will provide the turbines which will be manufactured in Cherbourg, France.

The 300MW tidal array is expected to reach full scale deployment from 2020.

Commenting on the joint venture announcement, Thierry Kalanquin, chairman of OpenHydro and DCNS Senior Vice President Energies and Marine Infrastructure, said: "Today’s announcement represents another key milestone as we realise our goals to deliver commercial tidal energy projects."