A much delayed project to harness tidal power in the Isle of Wight is currently in communication with energy firms and interested investors regarding future funding. If successful, the Perpetuus Tidal Energy Centre (PTEC) will deploy undersea turbines 1.5 miles from St Catherine’s Point.
Project leaders originally planned to install turbines on the seabed south of the English Channel Island by 2017, however their efforts have been hampered by a fall in tidal energy prices, which forced the renewable initiative into hibernation.
PTEC has commented that it will be bidding for an energy contract from the government next year, but in the meantime is already seeking further financing options. The project’s long-term aim is to generate 300MW worth of electricity to supply a major area of the 600-square mile Solent region. It also aims to produce hydrogen from seawater and has commented that the UK Government is now showing growing support to tidal stream energy as an alternative to traditional fossil fuels.
It stated:
“Seven tidal stream projects, which include our partners Orbital Marine Power, have won Contract for Difference contracts across Scotland and Wales.”
Among the centre’s investors to date is the Isle of Wight Council, who have heavily invested into the project, providing more than £1 million worth of funding.
UK consumers and companies keen to fund renewable energy projects often prudently seek investment advice in Shropshire, the Isle of Wight, and other parts of the UK. Wealth managers are often relied upon to explain investment opportunities in plain language that avoids jargon and provides unbiased and expert advice.
