The £1bn Swansea Bay tidal lagoon scheme has named Prudential as its “cornerstone investor”.
The insurance giant will pump £100m into the project, which will become the world’s largest tidal energy provider when it opens in 2018.
The scheme will generate more than 495GWh of electricity every year for 120 years, enough to provide nearly all of the domestic electricity for the Swansea Bay region. It will also form the first step in the development of a network of coastal lagoons, which could generate up to 8% of the UK’s electricity needs.
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