The Crown Estate looks to invest in first wave and tidal energy arrays
The Crown Estate are considering investing in the UK’s first wave and tidal stream array projects.
The Crown Estate are considering investing up to £20m in total in two projects (wave and/or tidal) and the investment will be in the construction of the projects, with each project involving multiple generation devices arranged in an array and with a total installed capacity of 3 megawatts or greater. They believe that by offering to invest alongside other interested parties, they can help to catalyse investments by others, making investments more likely and see projects proceed to construction and operation as soon as possible.
Developers are now invited to make expressions of interest about investment to their projects to The Crown Estate. To be eligible for investment, the projects must already have a TCE agreement for lease, have or soon to obtain statutory consents and grid connections agreements and realistically be expected to reach final decisions for capital investment by March 2014. It is important to note here that this is not a leasing round and will not result in any new awards for seabed rights.
Both the announcement and guidance document are available on their website and a pdf is here.