The developer of the £1 billion Swansea Bay tidal lagoon project has bagged a multi-million pound investment from Indian investors.
Indian commodity tycoons the Gupta family have stuck “an eight-figure deal” to buy a “substantial stake” in Tidal Lagoon Power.
The move is said to be part of the family’s wider strategy to invest in renewable energy worldwide.
It will also lead to a joint venture between their company SIMEC and Tidal Lagoon Power to develop large-scale projects in India.
The UK firm is currently waiting for the government’s decision on subsidies for the project.
It is pursuing six schemes in total which are expected to meet 8% of the nation’s electricity demand for 120 years.
Gupta family representative Sanjeev Gupta said: “We are very pleased to invest in this ambitious and innovative enterprise that promises to provide low carbon, baseload energy and drive economic renewal through the development of a high-value supply chain that will create thousands of new jobs. As a group we are expanding internationally on several fronts and renewable energy is right at the heart of that expansion.”