InfraRed has been named as the final institutional equity investor in Tidal Lagoon Swansea Bay, confirming full equity funding from two British institutions for the project.
InfraRed Capital Partners, global investment manager focused on infrastructure and real estate, will make the investment from existing funds, the press release reads.
The investment amounts to GBP 110 mln, according to Wales Online news site. The amount equals that made by Prudential, an international financial services group, in October 2014.
Werner von Guionneau, Chief Executive, InfraRed Capital Partners, said: “We are proud to be playing a key role in securing the future of this world-leading renewable energy project. The power station is unique in that it not only leverages the estuary’s second highest tidal range in the world but it will also make a material contribution towards both the local economy in South Wales and the long term stability of sustainable energy supply in the UK.”
The Swansea lagoon project has been included in the National Infrastructure Plan, and the deadline for Planning Inspectorate to submit recommendation for the Secretary of State for Energy and Climate, Ed Davey, regarding the building of the world’s first tidal lagoon in Swansea Bay, is set for March 10, 2015.
Mark Shorrock, Chief Executive, Tidal Lagoon Power Ltd, commented: “The Swansea Bay Tidal Lagoon provides a scalable blueprint for a UK-led global industry that delivers true value to the nation. Tidal lagoons will employ British industry to harness a British natural resource and return profits to British institutions. InfraRed is now a key partner in delivering this vision and we welcome them on board.”