Welsh Government takes £2m equity stake in Cornish tidal energy firm
Summary
The 35 square kilometre site has the potential to generate enough electricity to power over 180,000 homes once fully developed and is one of Europes largest consented tidal energy projects.First Minister Eluned Morgan said: This investment is a big step forward for Wales clean energy future. Tidal energy offers reliable, clean power and creates quality jobs in coastal communities where theyre needed most.By investing in innovation, were putting Wales at the forefront of marine energy technology. This significant \xa32m equity investment from the Welsh Government completes the financing for the demonstration phase of our ambitious technology.The tidal energy scheme at Morlais is the largest consented project of its type in the world, really putting Wales on the map as a global leader in renewable energy. Tidal energy has the potential to deliver 11% of the UKs total energy needs and todays announcement is an important milestone on that journey.Andy Billcliff, CEO of Menter M\xf4n Morlais Ltd, said:We are proud to see this significant milestone as Inyanga gears up to deploy their HydroWing demonstration project within the Morlais zone. Its a major step not only for the tidal energy sector, but also for Anglesey and the wider Welsh economy.This development highlights the potential of our natural resources to drive innovation, create high-quality jobs and contribute meaningfully to achieving Wales net-zero ambitions.