Tidal power project put on hold

Dhaka,  Thu,  24 August 2017
Published : 09 Jul 2017, 14:26:55
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Tidal power project put on hold

Investors in a proposed £1.3 billion tidal power scheme in Swansea Bay have put further funding on hold and warned that the project risks stalling unless the government gives a green light soon, according to a global media report Sunday.

Over £200 million has been provisionally committed by backers led by Prudential, the large UK insurer, with Macquarie and Investec, two other major financial institutions, ready to raise hundreds of millions more in debt and equity.

But investors are refusing to release further funds in the absence of a government go-ahead for what would be the biggest tidal power scheme of its kind in the world.

Investors have been awaiting a decision since January, when a government-commissioned review by Charles Hendry, former energy minister, recommended approval for the Swansea project “as soon as is reasonably practicable”.

- SZ
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