MP welcomes cash for tidal turbine projects
- Credit: Archant
Companies invited to bid for share of £20million Crown Estate funding.
NORTH Devon MP Nick Harvey has welcomed a huge cash boost for marine energy projects.
The Crown Estate, which owns the UK’s seabeds, has announced it will invest £20million in the expansion of wave and tidal projects around the UK.
The funding will come as a huge benefit to the growth of the marine power industry, whose technology has not yet been marketed on a commercial scale.
Despite a number of successful tidal turbine trials, including off the coast of Lynmouth coast eight years ago, a lack of capital finance had prevented the technology coming to market.
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Mr Harvey said he hoped companies would seize upon this opportunity to bid for the cash, before the deadline on February 15.
He said: “This £20million cash injection towards harnessing the UK’s huge untapped tidal energy resources is excellent and timely news.
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“It is vital to drive the development of marine projects forward, many of which have been stuck at the demonstration phase for years owing to a lack of finance.
“Marine power has an incredibly important role to play in reaching the UK’s decarbonisation targets, and our own experience here in North Devon of the Lynmouth trials – which wholly exceeded expectations – proved that it is a viable and extremely efficient source of renewable energy.
“I hope companies will seize upon this opportunity and bid for the cash.”