The proposed 320MW Swansea Bay Tidal Lagoon project in Wales, UK, is set to benefit from a reported £100 million investment from financial services firm Prudential.
The company has been unveiled as a ‘cornerstone investor’ in the major project, which would be the world’s first, purpose-built, tidal energy lagoon, averaging 14 hours of generation every day.
Prudential’s investment arm M&G is preparing the investment, with Group chief executive Tidjane Thiam stating: ""The financing of this power station is emblematic of the role that Prudential plays in transforming the hard- earned savings of millions of our customers into long-term, productive investment in the UK economy.
“Such investments provide our customers with strong and sustainable returns, create good jobs and increase productivity and economic competitiveness," he added. "Prudential is committed to invest in infrastructure projects that benefit the national economy. We are also proud to play our part in the development of this world-leading renewable energy technology."
The Planning Inspectorate in the UK is currently considering developer Tidal Lagoon Swansea Bay’s (TLSB) application for consent to build the project.
If given the go ahead, construction work could start in Spring 2015, with the project projected to be connected to the National Grid by 2018.
