Government of Nova Scotia has revoked the marine renewable-electricity licence issued to Cape Sharp Tidal Venture. For more information see the IDTechEx report on Wave, Tidal and Hydro Power 1W-10MW 2018-2038.
The company no longer has the financial ability to deliver the project, which breaches the terms of its licence under the Marine Renewable-energy Act.
Without a licence, the company is also in violation of its feed-in tariff approval. As a result, that agreement has also been revoked.
The company is now required to retrieve its turbine in the Minas Basin. If that does not happen in a reasonable timeframe, government will begin the process of accessing the security that remains in place.
The company's turbine continues to be monitored and it presents no danger to marine life or the environment.
Source: Government of Nova Scotia
Top image: Cape Sharp Tidal