The company behind the pioneering project to harness the tidal energy off the coast of Welsh through the Swansea tidal lagoon project proposes to build the facility within 6 years even without support from the government.
Last year, the government rejected subsidies for the project on the grounds that it was costly.
Swansea-based Tidal Power plc points major companies such as Property company Land Securities, Cardiff airport and developer Berkeley Group as prospects to sign power purchase agreements. With enough PPAs by the end of the year, the company can enable final investment decision in early 2020. If the timetable is met, the facility would generate electricity in 2024 or 2025.
The backers of the project also expects additional floating photovoltaic solar panels to boost electricity generation. The addition of the solar facility will increase the projects annual energy by more than third, up from 572 MWh. Because of this, the facility can now power 150,000 homes to about 770 GWh.
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