9 Oct 2011

Tidal power project to continue despite funding loss

10:51 pm on 9 October 2011

The Crest Energy Kaipara Harbour project will continue, despite the withdrawal of funding by the Energy Efficiency and Conservation Authority.

The project is New Zealand's first tidal power station, and Crest has consent to place three large turbines in the harbour mouth.

Its director, Anthony Hopkins, says he agreed to let go of $1.85 million from the authority, as the project was not able to meet deadlines.

But because the scheme's estimated total cost in the first 10 years is about $600 million, he says, the authority's grant is not hugely important and the project will continue as planned.