There was further good news for The Swansea Bay Tidal Lagoon plan this week.
The £1billion tidal lagoon plan now has full equity funding following a decision by InfraRed Capital Partners to pump up to £100m into the project.
Led by Tidal Lagoon Power Ltd, the project is expected to generate around 500GWh of electricity every year for 120 years, helping to save more than 236,000 tonnes of CO2 annually.
The project will also create almost 2000 jobs.
Werner von Guionneau, chief executive, InfraRed Capital Partners, said: “We are proud to be playing a key role in securing the future of this world-leading renewable energy project.
“The power station is unique in that it not only leverages the estuary’s second highest tidal range in the world, but it will also make a material contribution towards both the local economy in South Wales and the long term stability of sustainable energy supply in the UK.”
It is the second piece of positive news for the tidal lagoon project, within the space of three months. At the end of 2014, the plan was named in the National Infrastructure Plan published ahead of the chancellor’s Autumn Statement.
How the tidal lagoon would work and its benefits
- A six-mile long seawall loops two miles out to sea from close to the mouth of the River Tawe and Swansea Docks and make landfall close to Swansea University’s new Fabian Way campus to the east
- It would house 16 underwater turbines generating electricity on both the rising and falling tide.
- Enough renewable power would be produced for 155,000 homes (equivalent to 90% of Swansea Bay’s annual domestic electricity use) for 120 years.
- TLP claim the turbines could power 155,000 homes and offer coastal flood protection for the Swansea Bay area.
- Construction would create or support 1,900 jobs with 180 people employed once the lagoon is operational.
Some organisations have expressed concern for its impact on wildlife. However, TLP chief executive Mark Shorrock said the project will work with the “rhythm of nature”.
He said the project has attracted interest from India and France and could be worth billions to the Welsh economy if a supply chain for parts could be created for other projects.
“This is massive – this is Wales leading the world,” he said.
Do you have any thoughts on the tidal lagoon or what it could bring to the Swansea Bay area? Equally, do you have concerns about the impact? Share them in the comments box.
Image Copyright: / 123RF Stock Photo
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