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.
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