Tidal power firm to place Canadian subsidiary into bankruptcy
Sustainable Marine Energy winds up N.S. project, blaming regulatory hurdles
A firm that hoped to create power from the Bay of Fundy's massive tides is winding up operations due to what it says are excessive regulatory hurdles from the federal Fisheries Department.
Jason Hayman, chief executive of U.K.-based Sustainable Marine Energy, says his investors have confirmed they are placing their Canadian subsidiary into bankruptcy after fruitless talks with the department.
He says his firm will wind up all its operations in Canada, resulting in losses of approximately $30 million to $40 million.
The executive says the firm's struggles will likely discourage other investors and risks killing private investment for potential test sites in the Minas Basin.
Hayman says the federal government was unclear about how much information it would have needed to satisfy its concerns about potential harm to fish.
There are three other potential developers still involved in the test facility operated by the non-profit Fundy Ocean Research Centre for Energy, near Parrsboro, N.S.