InfraRed Capital invests 拢100m in mega-tidal project in Swansea
The company behind ambitious plans to build a tidal lagoon in Swansea has announced it has reached its 拢200m funding goal to start work on the project.
Gloucester-based Tidal Lagoon Power (TLP) has raised 拢200m from two institutional investors - Prudential and InfraRed Capital - to begin construction of the 拢1bn six-mile barrier, which would generate enough electricity to power 120,000 homes.
Up to 26 banks are ready to secure the estimated extra 拢800m needed to put the plans into action.
Last month the government launched a consultation on plans to agree a 鈥榮trike price鈥� with TLP guaranteeing a fixed price for electricity generated, in order to help support the project.
If the scheme receives final approval from the government construction will begin by the end of the year.
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