Renewable power provider Good Energy has announced it has taken an equity stake in the Swansea Bay tidal lagoon project, marking the company's first foray into tidal energy.
The investment secures an option for Good Energy to purchase 10% of the project's annual power output from its operator, Tidal Lagoon Swansea Bay PLC (TLSB).
"This project will enable us to diversify our business by adding tidal energy to our existing portfolio of renewable energy generation," Good Energy founder and CEO Juliet Davenport said. "This forms part of our long-term strategy of investing in renewable generation assets, securing renewable electricity for our rapidly growing customer base, and playing a role in helping the U.K. secure its energy future."
HydroWorld.com reported in March that plans for the 320 MW tidal energy project had been accepted for consideration by the United Kingdom's Planning Inspectorate.
The project will include a 9.5-kilometer-long sea wall that would be dotted with hydro turbines along its length. Rising and falling tides would provide the kinetic motion needed for energy production.
The initial tidal lagoon will be located in Swansea Bay, South Wales, though TLP said it ultimately envisions a number of such projects around the UK.
"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 U.K. renewable electricity supplier," TLSB secretary Patrick Carter said. "We look forward to working in partnership with Good Energy."
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