Good Energy Group (LON:GOOD) chief executive Juliet Davenport describes the planning approval for the Swansea Bay tidal lagoon as “excellent news”.
The AIM quoted clean energy supplier has an option over 10% of the future output from the proposed tidal power project, as well as a minority stake in the operating group Tidal Lagoon (Swansea Bay) Plc.
Planning consent was granted yesterday for the project which is now set to become the world’s first tidal lagoon.
The major infrastructure project will see a six-mile causeway developed to create a man-made lagoon, and this sea wall will host a number of tidal power plants generating energy as sea water moves from one side of the lagoon to another.
It is projected to have some 320 megawatts (MW) of installed capacity, and power generation is expected to start in 2018. It is predicted that the tidal lagoon could provide enough electricity to power more than 155,000 homes for 120 years.
Good Energy says its potential share of the lagoon’s output is currently forecast at 495 gigawatt hours (GWh) per year.
The company believes its participation in the project will enable it to diversify its sources of renewable power, help support its growing customer base and enhance forecasting capabilities; because tidal movements are more easily predicted than wind or solar.
Davenport, founder and chief executive of Good Energy, said: "This kind of renewable generation project harnesses transformational technology and lies at the heart of everything Good Energy is about, and we're delighted that it has received planning approval."
She added: “This is an exciting project, providing a great opportunity for the UK to diversify its sources of renewable electricity and help us to become more energy secure as a nation.”