The UK government has given planning consent for construction of the 320 MW tidal lagoon project in Swansea Bay, Wales.
Aside from this green light, the project is still subject to Contract for Difference (CfD) negotiations to establish whether a tidal lagoon at Swansea Bay is affordable and whether or not it represents enough value for money for consumers.
Wales's Energy and Climate Change Office Minister, Lord Bourne, has stated:
"We need more clean and home-grown sources of energy, which will help to reduce our reliance on foreign fossil fuels. Low carbon energy projects like the tidal lagoon in Swansea Bay could bring investment, support local jobs and help contribute to the Welsh economy and Swansea area."
If built, the project will be the world's first tidal lagoon. The turbines in the proposed six-mile horseshoe shaped sea wall around Swansea Bay in Wales could potentially generate over 500 GWh of electricity per year for an estimated 120 years.
The total investment cost of the endeavor is approximately US$1.52 billion.
IPP Journal has been reporting on the project since September 2014. The following articles can be referenced for a complete timeline of events: