The UK’s first tidal lagoon power project in Wales has got a huge boost, thanks to a new investment announcement.

Investment manager InfraRed Capital Partners has made a commitment to invest up to £100 million in the Swansea Bay Tidal Lagoon project.

Developer Tidal Lagoon Power faces weeks of negotiations to secure an agreement from the government on a guaranteed price for the energy produced over 35 years.

The proposed project is expected to generate around 500GWh of electricity – enough to power 155,000 homes.

Werner von Guionneau, Chief Executive, InfraRed Capital Partners said: “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.”