InfraRed Capital Partners said it will invest in 320-megawatt Swansea Bay Tidal Lagoon energy project in Wales, which when completed will be the world’s largest tidal power plant.
InfraRed’s undisclosed investment equals that of Prudential and “confirms full equity funding from two British institutions,” the company said. The developer, Tidal Lagoon Power said the GBP 1 billion (US$1.5 billion) project will generate 500 gigawatt-hours of electricity every year for 120 years.
The tidal power station is scheduled to reach financial close in the summer with construction scheduled to begin immediately after, creating almost 2,000 jobs.