The development of tidal lagoon schemes has received a boost with a commitment of millions of pounds to the technology in the UK and India. The investment by the Gupta family, thought to be around £10m, will give it a substantial stake in Tidal Lagoon Plc, a holding company set up to finance the development of full-scale tidal lagoons to generate clean power in the UK and abroad. It comes as Tidal Lagoon Power Ltd, which set up Tidal Lagoon Plc, awaits a government decision on subsidies for the world’s first lagoon project in Swansea Bay, a proof-of-concept scheme to harness renewable energy from the power of the tides. Last month, the prime minister, David Cameron, said his enthusiasm for tidal lagoon technology was “reduced” by the costs. But Tidal Lagoon Power argues the first project in Swansea Bay would open the way for five other schemes around the coast, with lower costs due to economies of scale, that could meet 8% of the UK’s electricity demand for 120 years. Proposed schemes at Cardiff and Newport would provide around 4GW of power capacity and generate £10bn of capital investment, the company said.
Guardian 1st Feb 2016 read more »
Business Green 1st Feb 2016 read more »