A letter urging the Prime Minister to approve the Swansea Bay Tidal Lagoon has been handed in to Downing Street.

Organised by local group Love the Lagoon, more than 100 businesses signed the letter backing the £1.3 billion project, which Charles Hendry suggested would offer a “strong contribution” to the UK’s energy supply.

The project’s developers claim the tidal lagoon could generate electricity for 155,000 homes over 120 years, producing power for 14 out of every 24 hours.

However, the UK government has previously voiced concerns over the level of subsidy wanted for the volume of power generated.

Investors have warned the project risks stalling unless the green light is given soon, with firms including Tata Steel UK, Penderyn Whiskey, Castell Howell Foods and Swansea City Football Club getting on board to speed up progress by signing the letter.

Swansea Council Leader, Rob Stewart, said: “This innovative, game changing project is far too important to be shelved in any way.

“It’s worth many thousands of jobs to Swansea Bay and would generate zero-carbon power for over a century.”

A UK government spokeswoman said: “The government is considering the recommendations of the Hendry review and taking the time needed to determine what is in the best interests of UK energy consumers and taxpayers in the long term.”