The Swansea Bay Tidal Lagoon project is perhaps the most far-reaching and exciting renewable energy project anywhere. Heres a glimpse: Welcome to the October edition of our Investor Update. I am pleased to lead with the news that Prudential PLC has joined you as an investor in the Swansea Bay tidal lagoon. We can now name Prudential as the cornerstone investor in the £1 billion Tidal Lagoon Swansea Bay Project. Prudential’s commitment is a significant step to securing the future of the power station, which will become the world’s largest tidal energy provider when it opens in 2018. It will also form the first step in the development of a network of coastal lagoons which could generate up to 8% of the UK’s electricity needs. Here are the Chief Executives quotes from the press release: Tidjane Thiam, Group Chief Executive, Prudential plc, said: “The financing of this power station is emblematic of the role that Prudential plays in transforming the hard-earned savings of millions of our customers into long-term, productive investment in the UK economy. Such investments provide our customers with strong and sustainable returns, create good jobs and increase productivity and economic competitiveness. Prudential is committed to invest in infrastructure projects that benefit the national economy. We are also proud to play our part in the development of this world-leading renewable energy technology.” Mark Shorrock, Chief Executive, Tidal Lagoon Power Ltd, said: “Securing the backing of a world-renowned investment institution marks another major milestone for the Swansea Bay project and is a clear endorsement of our vision to introduce tidal lagoon infrastructure into the UK’s low carbon energy mix. Tidal lagoons will employ British industry to harness a British natural resource and return profits to British institutions.” The press release is available here: tidallagoonswanseabay/news.aspx. The story has been widely covered in national and local media, for example in this week’s Sunday Telegraph, available here: telegraph.co.uk/finance/newsbysector/banksandfinance/11171565/Prudential-backs-1bn-tidal-power-project.html What this means for you: Funding of the development phase is now complete: Prudential plc has invested £5m in the development phase of the Swansea Bay tidal lagoon Our EIS shares are over-subscribed and the offer will be closing shortly As the TLSB project has grown in scale, so too has the size of the Developer Fee, which is still expected to provide the same returns as illustrated in the Investor Memorandum.
Posted on: Fri, 24 Oct 2014 16:15:55 +0000
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