Business & Finance

Crown Estate to invest in wave energy and tidal energy development

The Crown Estate announced today that it is considering investing up to £20 million in wave energy and tidal energy projects in the United Kingdom.
Crown Estate to invest in wave energy and tidal energy development

The Crown Estate announced today that it is considering investing up to US$32 million in wave energy and tidal energy projects in the United Kingdom.

The decision to invest followed analysis of a report issued last year that suggested a large potential in the UK for wave and tidal project development. The Crown Estate’s investment will be in cooperation with other development companies and government grants.

The investment will help fund development of two projects, each with multiple units in an array. The projects will have a capacity of more than 3 MW.

Director of the Energy and Infrastructure Portfolio Rob Hastings stated, “Several wave and tidal stream technologies are now proven and it is timely for the industry to move on to demonstration projects. First arrays are important because they are on the critical path to larger schemes around the UK and worldwide. By bringing our capital and expertise to bear, we hope to catalyze investments by others and see projects proceed to construction and operation as soon as possible.”

To be eligible for Crown Estate-funded support, the potential projects must have gotten or be in the process of getting the proper consents and grid connection agreements, as well as a Crown Estate lease agreement. A final decision on investment will be made by early 2014. More eligibility information is available via The Crown Estate’s web site at www.thecrownestate.co.uk.

Proposals are due by February 15, 2013.

In related tidal and wave power news, the United Kingdom may reconsider the Seven Estuary tidal power proposal.