Marine energy company Minesto has received a €13 million (US$14.4 million) investment from the European Regional Development Fund for project in Holyhead, Wales.
The funding, made through the Wales government, is part of the commercial roll out, including the establishment of Minesto UK Headquarters in North Wales and commissioning of the first commercial Deep Green power plant.
The funds will also support an expansion of marine energy in Wales and UK. The Welsh Government manages the delivery of the EU Structural Funds programmes in Wales. Minesto will install the first commercial scale 0.5-megawatt power plant in Holyhead Deep and continue with additional deployments in what will eventually be an array with a total capacity of 10MW, expected to be operational in 2019. The 10MW array will supply electricity to the equivalent of 8,000 households and create significant employment opportunities in both the construction and operational phases.
“Establishing Minesto UK Headquarters in North Wales is a strategic decision that will help make Wales a global leader in the marine energy sector,” said Anders Jansson, CEO of Minesto. “Today’s announcement represents an important step into the full commercialisation of marine energy in Wales.”
The Welsh government has been working with Minesto over a number of years on feasibility studies to help bring this investment to North Wales.
“We have extensive raw wave and tidal energy resources along our shorelines, and this is an excellent example of commercial solutions being developed in Wales to help drive our potential to be a world-leader in the marine energy market, “ said First Minister,Carwyn Jones. “This investment will not only help create greener and more efficient sources of energy, but will also create jobs and vital opportunities for growth in North Wales.”
In July 2014, Minesto was awarded an ‘Agreement for Lease’ for a commercial demonstration site for electricity production from tidal currents near Holyhead Island in Wales, called Holyhead Deep. Holyhead Deep is a seabed area west of Anglesey, North Wales.
Minesto first identified the area as a perfect location for a commercial Deep Green installation with help from another EU funded project, SEACAMS, in 2012. Minesto’s tidal power plant, called Deep Green, looks like an underwater kite and is based on an new approach for electricity generation from tidal and ocean currents.