UK electricity supplier Good Energy has agreed to purchase electricity generated by the proposed 320MW Tidal Lagoon project in Swansea Bay, its first investment in a tidal energy project.
Good Energy has secured an option to purchase 10% of the projected annual 495GWh projected power output from project operators Tidal Lagoon (Swansea Bay) PLC, and has also taken an equity stake of £500,400 in the company.
"This project will enable us to diversify our business by adding tidal energy to our existing portfolio of renewable energy generation," said Good Energy founder and Chief Executive, Juliet Davenport OBE. "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."
Drawing upon existing, proven technology, the Swansea Bay project has recently been accepted for consideration by the UK’s Planning Inspectorate. If given the go-ahead, the project would be the world’s first, purpose-built, tidal energy lagoon, averaging 14 hours of generation every day.
Tidal power from the site is projected to be connected to the National Grid by 2018.
