SgurrEnergy has been elected as strategic advisor to the Swansea Bay Tidal Lagoon project, the world’s first, purpose built tidal lagoon power plant.
SgurrEnergy has been appointed by developer, Tidal Lagoon Power Limited (TLP), to provide technical support and advice to the proposed £650 million lagoon power plant, to be based in Wales.
The Glasgow-based company, which has extensive experience in the engineering and construction of renewable energy projects, has provided a range of technical services and strategic support to TLP. A key focus has been to support a thorough understanding of the project’s technical and commercial risk profile, helping TLP to construct a well-informed project development strategy aligned with achieving its required investment potential.
Advice has been given by SgurrEnergy on electricity generation design and technology, construction methodology and contract and technical documentation to help support the project through to financial close and ensure its bankability.
Ton Fijen, Technical Director for Tidal Lagoon Power, says: “The Swansea project will hopefully be the first in a network of lagoons around the UK coastline, driving a critical change in our energy mix with low cost, low carbon electricity sources that are sustainable long-term.”
“We selected SgurrEnergy to offer us strategic advice on the project based on their strong track record of technical due diligence for complex renewable energy financing deals. We have been impressed with their delivery of clear, responsive and reliable technical advice and look forward to working with them as the Tidal Lagoon project is developed”.
James Stewart, project manager with SgurrEnergy , said, “SgurrEnergy is delighted to be participating in this ground breaking development. The project and associated technology have the potential to make a huge positive impact both locally, within Swansea, and to the UK energy mix as a whole. We look forward to continuing our involvement with TLP, supporting the considerable progress made thus far, and helping to bring its vision to reality.”
The Swansea Bay Tidal Lagoon project will have a total installed capacity of 250MW, with a potential annual output of 400GWh, generating enough electricity to cover Swansea’s entire domestic consumption.
It is expected that the project will reach financial close by the end of 2013, with construction commencing in April 2014.
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Press release, May 14, 2013; Image: tidallagoonswanseabay