MCT seeks investors for tidal projects as UK’s first marine energy park unveiled

The tidal arrays are the latest step in the commercial deployment of MCT’s SeaGen, a horizontal axis marine current turbine, which is already successfully operating as commercial tidal power station in Northern Ireland’s Strangford Lough. MCT said the move to secure private investment for these two larger projects follows the UK Government’s proposal to double the subsidies it is offering for marine energy under the Renewable Obligation Certificate (ROC) scheme and European engineering conglomerate Siemens’ decision in November to increase its shareholding in MCT from 10 per cent to 45 per cent. 

"We have proved the performance and reliability of our SeaGen technology and we continue to invest time and money to improve SeaGen’s operation," MCT chief executive officer, Dr Andrew Tyler, said. "Coupled with the backing of Siemens Energy, we are confident that there will be strong investment interest in our two projects. 

"DECC’s proposed policy to offer five ROCS to investors is hugely important and we are sure will give the necessary spur to the investment community."

South West Marine Energy Park
MCT’s investment initiative coincides with the launch today by Climate Change Minister Greg Barker of a Marine Energy Park in the South West –the designated 'Low Carbon Economic Area’ for marine energy in the UK – to try and speed up progress of marine power development in the region. 

The South West is already home to the Wave Hub, a pioneering offshore facility in Cornwall to test wave energy devices. DECC said the new Marine Energy Park would stretch from Bristol through to Cornwall and as far as the Isles of Scilly. It aims to quicken the pace of progress of marine energy power by linking up national and local government and Local Enterprise Partnerships with industry and those developing marine energy technologies at the Universities of Plymouth and Exeter and the Wave Hub. 

"This is a real milestone for the marine industry and for the South West region in securing its place in renewables history as the first official marine energy park," Energy Minister Greg Barker said. 

Marine energy potential
It is estimated that globally, power from waves and tides could generate 800 terrawatt-hours of renewable energy per annum – the equivalent of between three and four per cent of power consumption worldwide – and the UK Government believes up to 27 gigawatts of that power could be generated in the UK alone by 2050. Earlier this year, it pledged £20 million to develop tidal and wave technologies to help meet that target.

Ecotricity makes waves
In another boost for the marine energy sector, green energy company Ecotricity today announced it was investing in a wave power device called Searaser and planned to have a commercial-scale version of the device operating within the next 12 months.