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Shares offered for Swansea’s tidal lagoon project

Tidal Lagoon Swansea Bay, the company behind the proposed £650m tidal lagoon in Swansea Bay, has invited locals to purchase shares in excess of £2m. Plans for the tidal lagoon were released earlier this year, reported here by GeoJames

(C) Tidal Lagoon Swansea Bay

(C) Tidal Lagoon Swansea Bay

The investment plans, launched on Monday, hope to attract public investors from across the whole Bristol Channel region. The company is set to offer shares of £800 to become “early stage investors”, with a say in the planning and design phases of the proposal. The finance would aid the firm’s £10m public funding target.

We believe that tidal lagoons are a viable, large scale alternative to traditional fossil fuel and nuclear electricity production. Mark Shorrock (Tidal Lagoon Swansea Bay) speaking to BBC Wales.

However the share offer is high risk, explains Mark Shorrock of Tidal Lagoon Swansea Bay. The money will be used in the development phase of the plans with no guarantee of securing construction permission or raising the outstanding capital.

The project gained support from MP’s following a report by the House of Commons Energy and Climate Change Committee which questioned plans by Hafren Power to build a 18km long barrage across the Severn Estuary. The report questioned the plans on both economic and environmental grounds. MP’s concluded that alternative technologies that provide a lower-risk and lower-impact option would be more desirable. Read the report from GeoJames here.

Interested parties can visit the Tidal Lagoon Swansea Bay website. Registration closes on 15th July 2013.


About James Cosgrove (27 Articles)
22 • Welsh • BSc Geography & Geology • MSc Applied Meteorology graduate - University of Reading

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