7th May 2014 11:45
LONDON (Alliance News) - Good Energy Group PLC Wednesday announced that it plans to acquire an option over 10% of the output from the Swansea Bay tidal lagoon project.
The AIM-listed UK renewable electricity supplier said the deal could give it a stake in the 495 gigawatt hour per year site for payment which includes a GBP500,400 equity stake in Tidal Lagoon PLC.
The project will have an installed capacity of 320 megawatts and has been accepted for consideration by the UK's Planning Inspectorate. It is forecast to start generating electricity in 2018.
"This is in line with our long term strategy of investing in the development of UK renewable generation assets, to secure power for the future growth of Good Energy's 100% renewable customer base," Chief Executive Juliet Davenport said in a statement.
"Once fully commissioned, the tidal lagoon is expected to generate sufficient electricity to power more than 155,000 homes," she added.
Good Energy shares were up 1.6% to 267.00 pence Wednesday.
By Tom McIvor; [email protected]; @TomMcIvor1
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