Siemens, Morgan Stanley-Backed Tidal Projects Receive U.K. Funds

The U.K awarded 20 million pounds ($30 million) to tidal power projects backed by Siemens AG and Morgan Stanley as it seeks to boost renewable generation.

The Department of Energy and Climate Change gave 10 million pounds to a project in Anglesey, Wales, that will use systems developed by Marine Current Turbines Ltd., which was bought by Siemens last year, Energy and Climate Change Minister Greg Barker told a conference today in London. It also awarded funds to MeyGen Ltd., owned 45 percent by Morgan Stanley, to install turbines off the Inner Sound in Scotland.

The projects, expected to operate by 2016, offer “learning and evidence” needed to move marine power to commercialization, Barker said. No commercial-scale projects are now operating.