May 7 (Bloomberg) -- Good Energy Group Plc, a British renewable-power supplier, bought a stake in a tidal lagoon project in Wales.
Good Energy invested 500,400 pounds ($849,128) in developer Tidal Lagoon Power Ltd., the Chippenham-based supplier said today in an e-mailed statement. Good Energy has an option to buy 10 percent of output from the facility that’s expected to supply more than 155,000 households.
Tidal Lagoon plans to install a 9.5-kilometer (6-mile) tidal power plant across Swansea Bay in Wales. The project, which is awaiting planning consent, would cost about $1.2 billion and have a capacity of 320 megawatts. It’s expected to be connected to the grid by 2018.
The company has been developing its technology for three years alongside businesses such as Alstom SA, Andritz AG and General Electric Co.
Tidal lagoon power plants, among the most expensive forms of renewable energy, are considered less damaging to the environment than barrages that block whole estuaries or rivers. They are also less of an impediment to shipping. The U.K. last year rejected plans for a barrage across the Severn River.
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