Fancy a punt on a Swansea tidal generator?
- Credit: Archant
Entrepreneur seeking to raise millions from Bristol Channel postcodes to pay for development of £750m tidal energy lagoon in South Wales.
PEOPLE in North Devon are being invited to take a gamble on investing in a proposed green energy tidal lagoon at Swansea.
Those with Bristol Channel area postcodes, including much of North Devon, have the chance to sign up to a £2million community share offer launched today (Monday).
The plan by Devon-born Mark Shorrock of Tidal Lagoon (Swansea Bay) plc seeks to create a 240 megawatt ‘tidal lagoon’ by building a huge 9.5 kilometre breakwater to harness the tidal range of the channel with underwater turbines.
Mr Shorrock is hoping it could become one of a series of lagoons around the UK coastline.
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He said the share offer was ‘a rare opportunity to help shape the future of the country and change the balance of the UK’s energy mix by harnessing the natural power of the sea’.
But he warned: “The share offer is a high risk investment as the proposed funds raised, £10m, will be spent on the development phase; preparing the planning application for the lagoon and the associated Planning Inspectorate process as well as the turbine and breakwater design and optimisation plus the completion of environmental survey work.
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“There is no guarantee of securing development consent or securing construction finance, expected to be in the region of £650m to £750m.”
Investors must commit a minimum of £800 to join the scheme, but could be able to exit after three years if planning and funding is made possible.
Those interested can visit www.tidallagoonswanseabay.com to register for a copy of the investor memorandum. The offer closes on July 15.