Welsh tidal in UK’s first £5B energy investment portfolio
- Authorities & Government
The £35 million Morlais Marine Energy Infrastructure Project in North West Wales has been included in a UK government project portfolio designed to attract international investors.
Around £5 billion of energy and infrastructure projects across the UK will be promoted to global investors as part of a new portfolio of opportunities, the International Trade Secretary for the UK, Liam Fox, announced on November 15, 2018.
The eleven new projects in the UK government’s first Energy Investment Portfolio are expected not only create jobs in the energy sector, but to also reduce energy costs, and have widespread benefits for the environment.
As part of the portfolio, Morlais Marine Energy Infrastructure project is offering an opportunity for investment into the development of a £35 million marine energy infrastructure facility.
The project is said to benefit from stable revenue streams and strong investment returns. The developers informed they will consider a variety of investor involvement to include equity partners, co-investment or development funding.
The project also offers investment opportunities into a market-enabling project, the developers noted.
“The Energy Investment Portfolio will deliver growth in new innovative sectors, encouraging creativity, creating jobs and driving prosperity across the UK.
“My international economic department has established relationships with the world’s most influential investors to ensure that the UK continues to be the top destination in Europe for Foreign Direct Investment – and today’s announcement is further proof that there is huge demand for UK projects from investors,” Liam Fox said.
UK Minister for Investment, Graham Stuart, added: “With £5 billion of new projects, the Energy Investment Portfolio is great news for communities up and down the country – as well as creating jobs and prosperity, these projects will reduce bills and deliver huge benefits for the environment.
“The government’s commitment to clean growth and innovation provides huge investment opportunities in the UK’s energy sector, which already employs 181,000 people and generates the most offshore wind power in the world.
“The department has a global network of HMTCs and experts across more than 100 countries who are promoting the UK and attracting the backing needed to make these projects a reality.”
The Department for International Trade – DIT – will promote the Morlais tidal scheme, and other opportunities to investors in 108 countries through its global network.