Swedish marine energy developer Minesto has entered formal planning phase together with the Welsh government for the second stage of public funding for its Deep Green tidal energy project in Wales.
The Welsh government has confirmed that it will engage with Minesto in advanced business planning for the second stage of public funding for the company’s tidal energy project in Holyhead Deep off Anglesey, North Wales.
Minesto informed it submitted a project proposal, which includes a grant amounting to €11.2 million from the European Regional Development Fund (ERDF), for the next phase of the Welsh project featuring the company’s subsea kite tidal power technology.
The project scope covers continuous operation and power production with Minesto’s DG500 tidal energy converter that was commissioned in fall 2018, with upgrades and optimization of the company’s utility-scale product range.
Also, the project proposal includes installation and operation of an additional utility-scale device at the Holyhead Deep site.
Martin Edlund, CEO of Minesto, said: “This decision is a strong sign of comfort from the Welsh government and by such, a significant step towards securing funding for the next phase of deployment in Wales. We are very pleased with the support from the Welsh government, both financially and in driving the marine energy agenda forward.”
Peter Ryland, CEO of Welsh European Funding Office, part of Welsh government, added: “We welcome Minesto’s bid for EU funding in support of the next phase of the project and to working with Minesto to bring that bid to the point of funding approval as quickly as possible, noting the timescales of the current phase of the project.”
The Welsh government’s final funding decision is expected to come in the spring 2019, Minesto confirmed.