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Swansea Bay financial close not possible by year-end

By: Tom Russell 02/10/2015 TLSB edited by 4C Offshore

General Tidal

Tidal Lagoon Swansea Bay (TLSB) have concluded that they are nearing the completion of the Advanced Works Phase for the Swansea Bay Tidal lagoon, however they don't expect to reach financial close by the end of the year.

TLSB issued the following statement: "We are nearing the end of the Advanced Works Phase and good progress has been made with our preferred construction partners. Detailed design work has progressed and the construction programme has been integrated.

The end of this phase of activity means that we'll be ready to build once the remaining permissions have been secured and financial close with investors is achieved. The Board of Tidal Lagoon Swansea Bay Plc has concluded that this won't be possible by year-end, ruling out the start of marine works next spring."

They further commented that they expect to reach financial close next summer with marine construction begininng in 2017. "A new timetable has been agreed with tier one contractors: targeting financial close next summer. Our aim is to then start the initial civil works on site in autumn 2016 in order that the marine works can start in spring 2017. As a result, target power on moves to 2021."

Swansea Bay Tidal lagoon, a hydropower plant which will be located in the Severn Estuary, will have an installed capacity of 320MW generated from 16 units with over 20 megawatts each. If built, turbines in the proposed six-mile horseshoe shaped sea wall around Swansea Bay in Wales could generate around 500GWh per year of low carbon electricity.Back in April, the project hit a few obstacles with several organisations who had concerns with the interaction migrating fish with the project. However the project was given construction consent on June 9 this year.

The Severn Estuary has the second highest tidal range in the world, and in this estuary, Swansea Bay benefits from an average tidal range of 8.5 meters during spring tides. The Swansea Bay Tidal lagoon will supply clean, renewable, and predictable power for over 155,000 homes and contribute significantly towards national carbon emission reduction targets with over 236,000 tons of CO2 saved each year.

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Swansea Bay financial close not possible by year-end

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