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Investment Opportunity

Substantial investment in marine renewable energy is needed to meet UK Energy Policy and Net Zero targets and there are now clear signs that UK Government recognises the major benefits that tidal hydro energy can provide to create predictable, carbon free energy and improve the UK’s energy security position.

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The West Somerset Lagoon offers a major long-term investment opportunity for institutional investors to help the UK achieve its climate resilience goals in hand with UK Government Policy and a financing method that is appropriate for such a very long-life asset.

 

Investment for the initial pre-construction development stages is now being sought. These stages cover Environmental Studies, Field work and Assessment and will be followed by a DCO (Development Consent Order) application, described in the below outline programme, which will consent the project for construction.

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Following granting of consent there will be many opportunities for investment in the various elements of the proposed scheme both in and around Minehead and West Somerset and throughout the UK wide industry supply chain which will be required to support this project which will become the UK’s largest sustainable energy project.

Development Programme

An indicative development programme / schedule is shown here. The consenting route for the scheme will be through a DCO (Development Consent Order). The programme allows a period of 4 years to carry out environmental studies and obtain a DCO, then a year for construction tenders and financial close followed by 5 years to construct the lagoon enclosure construction and a further year to reach the 2500MW installed capacity. 

Development Stages
Stage
1

Scheme review and Scoping of the EA

Stage
2

Energy & sediments modelling

Environmental studies & field work

Engineering studies & Development

Non-energy Facilities & Benefits

DCO Application Preparation

Stage
3

DCO Submission & Process

Financing & Revenue Studies

Construction Cost Estimate (2023)

A detailed cost estimate has been prepared including the following:

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  • 125 turbines and electrical equipment and cabling

  • 206 concrete caissons built in Severn Estuary / Bristol Channel ports

  • Dredging and foundation preparation, caisson tow to site and installation

  • Locks near the Minehead and Watchet landfalls.

  • Road access and shore based facilities.

  • Grid connection to the National Grid at Shurton.

  • Project management and detailed design.

  • Contingency.

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