Members of the committee, I am sincerely delighted to be with you here today.
As mentioned by Tony just earlier, when it comes to marine renewable energy, Canada is not only a huge potential of untapped resource across the country, but more importantly, Canada has no shortage of talent to harness this resource and foster economic development across the country.
My last three years with OpenHydro in Canada have been dedicated to demonstrating that tidal energy can be safety extracted from the Bay of Fundy to power Canadian homes without compromising the environment in which in-stream tidal turbines are placed.
On top of generating electricity from a clean and predictable energy source, this project has demonstrated that a few megawatts of ocean energy can generate significant investment within the local supply chain. Indeed, more than $33 million were invested during the construction phase and installation phase that employed more than 300 people, 100 of them new job creations.
Marine renewable energy is such an urgent and early-stage sector that it needs political leadership, and appropriate policy instruments to de-risk its development over the next years and achieve adoption within the renewable energy mix.
There are four key areas that are essential to the successful commercialization of tidal energy and marine renewable energy by extent, and that will need appropriate attention and leadership in order to keep the development of marine renewable energy on track with our renewable energy objectives. They are detailed resource characterization and environmental monitoring, grid availability, infrastructure, and long-term visibility through government support and leadership.
We need to develop a suitable understanding of our marine environment through applied research and development in order to optimize the safe and sustainable conversion of marine energy into affordable electricity for Canadians. Whereas tidal energy is highly predictable, a fine understanding of site characteristics is key. Tidal and river current sites are extremely challenging and turbulent environments that require innovative measurements and measuring techniques in order to de-risk financial models based on energy production.
My second point is about grid availability, which involves the development of a coastal grid infrastructure to export the power extracted from offshore marine energies. I am hopeful that the Canada infrastructure bank will look positively at projects that promote smart grid integration, as well as the expansion of a grid infrastructure for the transmission and distribution of clean renewable energy to customers.
My third point relates to infrastructure, and how to develop a suitable marine infrastructure to support the commercial development and create long-term local jobs.
France, for instance, has decided to invest 50 million euros, about $75 million Canadian, in the expansion of existing port infrastructures, wharfs, and quaysides in the port of Cherbourg in Normandy. This project has immediately attracted companies all over Europe to co-finance the establishment of industrial facilities for offshore wind blade manufacturing, offshore wind farm pre-assembly works, and the assembly of the upcoming OpenHydro turbines.