Good Energy has reserved an option to buy 10% of the electricity output from a proposed tidal lagoon power plant in Wales in a deal that includes a £500,400 equity stake.
The Swansea Bay project, for which developer Tidal Lagoon Power submitted planning permission in February this year, is expected to generate 495GWh of electricity – enough to power more than 155,000 homes and cut 236 tonnes of carbon emissions every year.
It is Good Energy’s first investment in a tidal energy project, with the £850 million planned power plant projected to be connected to the grid by 2018.
Juliet Davenport, Founder and CEO of Good Energy said: “This project will enable us to diversify our business by adding tidal energy to our existing portfolio of renewable energy generation.
“This forms part of our long-term strategy of investing in UK renewable generation assets, securing renewable electricity for our rapidly growing customer base and playing a part in helping the UK secure its energy future.”