Burges Salmon has advised renewable electricity supplier Good Energy Group PLC on its first tidal energy project investment; the Tidal Lagoon in Swansea Bay, Wales.
It is anticipated that the Swansea Bay project being developed by Tidal Lagoon (Swansea Bay) Plc will deliver renewable power to approximately 155,000 homes in Swansea and will annually save the equivalent of 236,000 tonnes in carbon dioxide emissions.
The Swansea Bay project has been accepted for consideration by the Planning Inspectorate and if approved, the Tidal Lagoon project will inject a boost to Welsh economy as well as to the local community and tourism.
As part of the investment, Burges Salmon advised Good Energy on an option that it has secured to purchase 10 per cent of the estimated annual 495GWh power output from project operators Tidal Lagoon (Swansea Bay) PLC. Good Energy has also taken an equity stake of £500,400 in the company.
Tidal power from the site is forecasted to be connected to the National Grid by 2018.
Ross Fairley, the head of Burges Salmon’s Energy team, said: “We are delighted to have advised Good Energy on this exciting tidal lagoon investment, helping the company to further diversify its portfolio of renewable energy generation. We have been active in marine renewables for many years and this builds on our significant wave and tidal stream experience.”