Good Energy has invested in a pioneering £850 million tidal lagoon project located in Wales.
The green energy supplier has taken a stake of £500,000 in Tidal Lagoon (Swansea Bay) PLC, the company responsible for the development in Swansea. It's also secured the option to purchase 10 per cent of the 495GWh (gigawatt hour) of energy that the tidal lagoon is forecast to generate annually when completed.
Tidal lagoons capture water in a pool when the tide is high, then release it through a series of marine turbines, thus generating electricity. An initial proposal for the project has been submitted and Tidal Lagoon is hopeful, providing the project receives planning permission, work will get under way next year (2015), with it capable of supplying power to the National Grid by 2018.
Commenting on the deal, founder and chief executive at Good Energy, Juliet Davenport OBE, stated: "This project will enable us to diversify our business by adding tidal energy to our existing portfolio of renewable energy generation.
"This forms part of our long-term strategy of investing in UK renewable generation assets, securing renewable electricity for our rapidly growing customer base and playing a part in helping the UK secure its energy future," she concluded.
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