Cape Sharp Tidal is a joint venture between Emera Inc. and OpenHydro.

HALIFAX, Nova Scotia--Two Nova Scotian businesses have secured contracts worth $25 million as part of the first round of procurement awards on the Cape Sharp Tidal project.

Aecon Group Inc. and Lengkeek Vessel Engineering have been selected by Cape Sharp Tidal after a competitive tender process. Cape Sharp Tidal is a joint venture between Emera Inc. and OpenHydro.

Later this year, the project aims to deliver one of the worlds first tidal arrays, with the deployment and grid connection of two 16-metre turbines in the Bay of Fundy, each capable of generating 2MW of electricity.

Aecon Group Inc. secured the contract for fabrication of turbine components. It will also develop a 1,150 tonne capacity barge for OpenHydro, which will be used to deploy turbines on to the seabed for the Cape Sharp Tidal project, as well as other future tidal array developments.

Lengkeek Vessel Engineering, based in Dartmouth, was awarded the contract for design of the barge.

James Ives, OpenHydro Chief Executive, said, "The manufacture of a dedicated deployment barge is a major capital investment for OpenHydro that will also support Cape Sharp Tidal as we progress towards larger commercial scale tidal farms. We are committed to the development of a tidal energy industry in Nova Scotia and these contract awards demonstrate the potential of our industry to generate economic growth."

"Todays announcement reinforces Cape Sharp Tidals commitment to the province of Nova Scotia and to building a global tidal energy industry in the Bay of Fundy," said Chris Huskilson, President and CEO of Emera. "This project will provide more than just a new source of clean, reliable energy in Nova Scotia; it is contributing to the economic strength of the communities and the province."

In April, the government of Nova Scotia introduced legislation that provides both clarity and strategic direction for the development of marine renewable energy in the province. Once in place this fall, the Act will ensure projects continue to develop in a way that respects the environment and considers the interests of local communities.

"Nova Scotia is well positioned to become a leader in the global tidal industry and todays announcement highlights some of the significant expertise were building within the province," said Nova Scotia Energy Minister Michel P. Samson. "Im pleased that Cape Sharp Tidal has chosen to use two local companies as key suppliers, creating local jobs and positively impacting the Nova Scotia economy."

The Bay of Fundys tidal resource is one of the most powerful in the world. Cape Sharp Tidal is seeking to use the initial demonstration array in 2015 as the first phase of a commercial scale project in the Bay of Fundy, which subject to regulatory approvals, will see the development grow to an output of 300MW.

In April 2015, OpenHydro was awarded $6.3 million for the Cape Sharp Tidal project by Sustainable Development Technology Canada (SDTC), a not-for-profit foundation that finances and supports the development of clean technologies. SDTC funding will support OpenHydro in further refining its technology into a product ready for industrial roll-out.

About Cape Sharp Tidal Ventures
Cape Sharp Tidal is a joint venture between Emera Inc. and OpenHydro, a DCNS company, with the objective of deploying a fully grid connected 4MW tidal array in the Bay of Fundy in 2015. This project has the potential to be one of the worlds first multi-megawatt arrays of interconnected tidal turbines, providing energy to over 1,000 customers in Nova Scotia.

About OpenHydro
OpenHydro is a DCNS company specialising in the design, manufacture and installation of marine turbines generating renewable energy from tidal streams. The companys vision is to deploy turbine arrays under the surface of the oceans to produce energy silently, invisibly and with no impact on the environment. OpenHydro has achieved a number of industry firsts including being the first to deploy a tidal turbine at the European Marine Energy Centre (EMEC), the first to connect to and generate electricity from tidal streams onto the UK National Grid and the first to successfully demonstrate a method of safely and economically deploying and recovering turbines directly on the seabed. The deployment and recovery method delivers a step change in the economics of tidal energy.

OpenHydro has a project portfolio spanning Canada, France, Northern Ireland, Scotland and the Channel Islands with utility partners including Emera, EDF, Brookfield Renewable Energy Group, SSE Renewables and Alderney Renewable Energy. OpenHydro has won a number of awards for its innovations in the field of renewable energy technology.

About Emera
Emera Inc. is geographically diverse energy and services company headquartered in Halifax, Nova Scotia with $10.19 billion in assets and 2014 revenues of $2.97 billion. The company invests in electricity generation, transmission and distribution, as well as gas transmission and utility energy services. Emera's strategy is focused on the transformation of the electricity industry to cleaner generation and the delivery of that clean energy to market. Emera has investments throughout northeastern North America, and in four Caribbean countries. Emera continues to target having 75-85% of its adjusted earnings come from rate-regulated businesses. Emera common and preferred shares are listed on the Toronto Stock Exchange and trade under the symbols EMA, EMA.PR.A, EMA.PR.C, EMA.PR.E, and EMA.PR.F. Additional Information can be accessed at www.emera.com or at www.sedar.com.

About DCNS
DCNS is a world leader in naval defence and an innovative player in energy. The Groups success as an advanced technology company with global reach is built on meeting customer needs by deploying exceptional know-how, unique industrial resources and an ability to develop innovative strategic partnerships. DCNS designs and builds submarines and surface combatants, develops associated systems and infrastructure, and offers a full range of services to naval bases and shipyards. The Group has also expanded its focus into marine renewable energy. Aware of its corporate social responsibilities, DCNS is a member of the United Nations Global Compact. The DCNS Group generates annual revenues of €3.1 billion and employs 13130 people (2014 data). www.dcnsgroup.com

About AECON
Aecon Group Inc. is a Canadian leader in construction and infrastructure development providing integrated turnkey services to private and public sector clients. Aecon is pleased to be consistently recognized as one of the Best Employers in Canada. www.aecon.com

About Lengkeek
Lengkeek Vessel Engineering Inc. is a Naval Architecture and Marine Engineering firm based in Dartmouth, Nova Scotia, since 1981. They have the proven capability of completing design challenges from small boat design to major conversions for offshore and passenger vessels.