The developmental feed-in-tariff award of C$530 (£292) per megawatt hour (MWh) provides Atlantis with revenue support to install and operate up to three AR-1500 turbines at FORCE.
The approval enables Atlantis to sign a 15-year power purchase agreement with incumbent network operator Nova Scotia Power, for installation and operation of up to three 1.5MW AR-1500 turbines at FORCE.
The Developmental Feed-in Tariff program is managed by the Nova Scotia Department of Energy.
Atlantis CEO Tim Cornelius said: "This is another crucial milestone in our Canadian project plans, following our SDTC grant award and award of a lease at the FORCE facility earlier in the year.
"Having also reached financial close on the first phase of our MeyGen project in Scotland, we are building momentum on our projects around the world, realising our goal of bringing cost effective clean energy to market at commercial scale – on both sides of the Atlantic."
Initially, Atlantis aims to deploy a single 1.5MW AR-1500 tidal turbine system, which is enough to power up to 750 local homes, under the planned project.
Nova Scotia Energy Minister Andrew Younger said: "Tremendous opportunities in the tidal energy sector are opening up in Nova Scotia and we’re contributing to that momentum."
