TLT has advised Tidal Lagoon Power on the grant of a Power Purchase option to clean energy supplier, Good Energy.
Tidal Lagoon Power is responsible for the world’s largest tidal energy project of any kind, which is being planned for Swansea Bay. It intends to start generating electricity in 2018. Good Energy has taken an option over 10% of the planned electricity output and has made an associated subscription for £0.5m of new shares as part of the project funding.
The TLT team included corporate partner Robin Staunton and commercial associate Stuart Urquhart.
TLT’s Robin Staunton said: “Tidal Lagoon Swansea Bay is the most significant power generation project in Wales. This area of the UK has one of the highest tidal ranges in the world and the potential for generating low-carbon electricity from this low-impact natural element is enormous.
“The advantage of tidal power is that this project is designed to be operable for 120 years, more than 3 times the life of offshore wind turbines. We are delighted to have advised Tidal Lagoon Swansea Bay in this first-of-a-kind project, which reflects our strength and depth in clean energy developments.”
Patrick Carter, Company Director at Tidal Lagoon Power said: “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 UK renewable electricity supplier.”
The Lagoon will be powered by the incoming and outgoing tides, which amounts to the daily equivalent of 100,000 Olympic swimming pools worth of water passing through turbines. It is anticipated that it will generate 495 GWh of renewable energy per year, enough to supply more than 155,000 homes.
Swansea Bay is the first of a planned six tidal lagoon projects, designed to make a cost competitive and community friendly contribution to the UK’s low-carbon generating goals.