**Updated** Province revokes licence for Minas Basin tidal energy project

**Updated at 3:21 p.m.**

The government has revoked Cape Sharp Tidal Venture's license for its Minas Basin tidal energy project.

The province says Cape Sharp no longer has the financial ability to deliver its project, which breaches the terms of its licence under the Marine Renewable-energy Act.

The company will have to retrieve the turbine in what the province is calling a 'reasonable timeframe,' although it hasn't laid out exactly what the timeframe is.

Officials say the turbine continues to be monitored and it presents no danger to marine life or the environment.

Lindsay Bennett, Operations Manager at the Fundy Ocean Research Center for Energy (FORCE), tells our newsroom the turbine is connected by subsea cable to the onshore infrastructure at FORCE and there's power being supplied to the onboard monitoring systems.

In an email, she says the turbine is not spinning, which was confirmed last September, and Cape Sharp provided monthly "checks" to confirm the rotor remained stationary during the most powerful monthly tide.

Bennett says FORCE will take over monitoring of the turbine from this point forward, and they'll share data with regulators to confirm the turbine remains non-operational.

(With files from Mandy Wood)