Good Energy is to invest for the first time in a tidal energy project, the Tidal Lagoon in Swansea Bay, Wales.
The Swansea Bay project is projected to deliver renewable power to more than 155,000 homes in the Swansea area and to save the equivalent of 236,000 tonnes in carbon dioxide emissions a year.
Drawing upon existing, proven technology, the Swansea Bay project has been accepted for consideration by the Planning Inspectorate.
Good Energy has secured an option to purchase 10% of the projected annual 495GWh projected power output from project operators Tidal Lagoon (Swansea Bay) PLC, and has taken an equity stake of £500,400 in the company.
Good Energy founder and Chief Executive, Juliet Davenport OBE, said:
“This project will enable us to diversify our business by adding tidal energy to our existing portfolio of renewable energy generation.
“This forms part of our long-term strategy of investing in UK renewable generation assets, securing renewable electricity for our rapidly growing customer base and playing a part in helping the UK secure its energy future.”
Patrick Carter, TLSB PLC Company Secretary and Director, said:
“This investment is significant on two levels: as a contribution to our ongoing development fundraising and as a powerful endorsement of our project from a growing UK renewable electricity supplier. We look forward to working in partnership with Good Energy.”
If approved, the Tidal Lagoon could provide a welcome boost to Welsh industry, as well as to the local community and tourism.
Tidal power from the site is projected to be connected to the National Grid by 2018.
Press Release, May 07, 2014; Image: TLP