Private sector called to the rescue of Swansea Bay tidal lagoon

The Swansea Bay City Region is looking for a partner from the private sector to realise the GBP-1.3-billion (USD 1.68bn/EUR 1.47bn) tidal lagoon project that was denied support by the UK government in June.

Following a three-month re-evaluation by a dedicated taskforce, the Swansea Bay City Region has issued a Prior Invitation Notice (PIN) to check if private companies are interested in taking part in a subsidy-free development in Wales under a new proposal.

Rob Stewart, chair of the taskforce and leader of Swansea Council, commented that the PIN concerns any interested party, whether a large financial institution or a major construction company.

“Once we know the type and level of interest from the private sector, we can consider the best route to take to ensure we deliver this project and pave the way for a new industry where Swansea Bay, Wales and the UK can be a global leader,” Stewart added.

In June, the UK government ruled that it would be too costly to support the original project and gave it the thumbs-down. Business and Energy Secretary Greg Clark said at the time that the project by Tidal Lagoon Power and the proposed programme of lagoons “do not meet the requirements for value for money, and so it would not be appropriate to lead the company to believe that public funds can be justified.”

(GBP 1.0 = USD 1.290/EUR 1.130)

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