Economy
£10m investment needed to kickstart Swansea Bay tidal lagoon
The developer of a 250 megawatt (MW) tidal lagoon at Swansea Bay is seeking £10m in public funding to support its project, which will provide clean power to over 100,000 homes.
The first of its kind in the UK, Swansea Bay could play host to one of the largest tidal power projects ever seen.
The development aims to harness the Welsh tides to drive enormous turbines that will generate up to 250MW of renewable power. Chief executive of the project, Mark Shorrock, has predicted that tidal lagoons could contribute to 10% of the UK’s energy over time.
In order to capture water at high tide, up to seven miles of breakwaters need to be built. Construction of the development is set to start in 2017.
To achieve this, the project is offering small-scale investors a 55% stake in the company to help it through the planning stage. The Guardian reports that some 10,000 shares will be issued, each worth £800.
Tax reliefs will also be offered to investments made from smaller, higher-risk companies, with 50% of the project’s shares available under the government’s enterprise investment scheme.
“We are keen to attract investment from ordinary individual shareholders who like the idea of shifting the energy mix to a low-carbon, benign format”, said Shorrock.
He added that the project will create up to 4,500 jobs, including breakwater and turbine construction, management as a tourist attraction and future development as a leisure facility.
Speaking to Blue & Green Tomorrow in March about the individuality of the project, Shorrock said, “It will be the only large-scale bidirectional tidal lagoon in Europe, in effect a low head hydroelectric dam that works in both directions with bespoke turbines created by Alstom and Voith.”
To request an investment brochure for the project, visit its website by clicking here.
Further reading:
Mastering the tides for clean energy
Innovative tidal lagoon could power 100,000 homes
Scottish community to become a pioneer in marine power