Tidal Power Lagoon, the company behind development of the Swansea Bay Tidal Lagoon, has launched a £1.2 million ($1.57 million) fundraising to ensure the future of the project.
The fundraiser lasts until March 20, 2020, and the company aims to use the money to meet planning conditions, start land-side material works and move forward an application for a marine license.
A tidal lagoon is a ‘U’ shaped breakwater, built out from the coast that has a bank of hydro turbines in it. Water fills up and empties the man-made lagoon as the tides rise and fall, generating electricity on both the incoming and outgoing tides, four times a day, every day.
The project was awarded a Development Consent Order in 2015.
Construction of the entire project will take four years, with first power generated in year three.
British institutions, led by Prudential’s InfraCapital and InfraRed