July 29 (Renewables Now) - The UK Labour government has committed to invest GBP 3.5 billion (USD 4.3bn/EUR 3.9bn) in a tidal power project on Merseyside, North West England, that will promote its Green Industrial Revolution plan.
The investment was announced on Friday by Labour Party leader Jeremy Corbyn during a visit to Liverpool as part of the government’s plan to tackle the North-South economic divide and address climate change. According to the statement, the Mersey Tidal Power Project is expected to generate power for up to one million homes and create thousands of jobs.
The tidal power facility will harness the power of the River Mersey and Liverpool Bay. The project will be financed from a GBP-250-billion fund, called National Transformation Fund, that will invest in the region with the goal of closing the North-South economic divide.
(GBP 1.0 = USD 1.235/EUR 1.111)