A £1.3bn tidal power project in Wales that was last year refused subsidies by the UK government is now racing to firm up private funding so as to begin construction before its planning permission expires in 2020. The project’s developer said it was still “do-able” to construct a lagoon in Swansea Bay that would generate electricity from the natural rise and fall of the tide, funded by a combination of bank loans, equity from the private sector and commitments from the Welsh government. Tidal Lagoon Power, the company behind the scheme, said it was in talks with potential backers including a Middle East sovereign wealth fund, a utility company and London-based pension funds to meet the £1.3bn construction cost of the project, and hopes to make a final investment decision by October.
FT 24th June 2019 read more »