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UK Government announces tidal funding

Published by , Assistant Editor
Energy Global,


Nova Innovation and Atlantis Energy have welcomed the UK Government’s decision to establish a £20 million a year ring-fenced budget for tidal stream technology, available for 15 years under the Contracts for Difference (CfD) scheme, which could be awarded as early as April 2022.

This £300 million investment signals the UK Government’s confidence in the role tidal energy can play in delivering net zero carbon targets. It creates a clear route to market for UK tidal energy companies like Atlantis and Nova that will create thousands of jobs across our coastal communities.

Simon Forrest, CEO of Nova Innovation, said: “We are delighted that tidal stream energy has been recognised by the UK Government as a core part of the UK’s green industrial revolution. The ring-fenced investment will deliver a route to market for tidal energy companies such as Nova Innovation and Atlantis Energy – turbocharging the delivery of tidal energy across the world.”

Graham Reid, CEO of Atlantis Energy added:

“We would like to thank all who have championed our industry and believed in the global role tidal stream energy can play in the fight against climate change. We look forward to continuing to work in collaboration to deliver our ambition of more turbines in the water.”

Nova and Atlantis teamed up earlier this year to develop the MeyGen tidal site in the north of Scotland. MeyGen is the largest consented tidal stream site in the world with a potential capacity of 400 MW. It has all the necessary consents to deploy 80 MW of tidal power immediately. Following the announcement, Atlantis and Nova look forward to the deployment of many more turbines on the site, creating jobs, investment, and reliable green energy to the Scottish grid.

Nova and Atlantis will now work with stakeholders to maximise this opportunity for Scotland and the UK, while demonstrating tidal stream energy’s exciting global potential.

Tidal stream energy can deliver 100% clean, 100% predictable energy, without visual impact – complementing intermittent renewables such as wind and solar power. A recent report by the Royal Society highlighted the UK is capable of delivering over 11 GW of tidal stream energy by 2050, 50% greater than current UK nuclear capacity.

 

 

For more news and technical articles from the global renewable industry, read the latest issue of Energy Global magazine.

Energy Global's Autumn 2021 issue

The Autumn issue of Energy Global features a varied spectrum of in-depth technical articles detailing recent projects, future projections, and technological advancements in the renewables sector, from companies including MISTRAS Group, Fugro, X1 Wind, Sulzer, and more.

Read the article online at: https://www.energyglobal.com/other-renewables/29112021/uk-government-announces-tidal-funding/

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