Weekly Intelligence Brief
Pentland Firth marine energy scheme to see investment worth £5b
15 October 2009
Britain expects to see investment worth £5 billion in its Pentland Firth marine energy scheme.
According to a report filed by Reuters, The Crown Estate’s director of the Marine Estate, Rob Hastings, the Pentland Firth development, the first commercial project to harness energy from wave or tide, was likely to deliver 1 GW -- more than the 700 MW initially envisaged -- by 2020. It planned to announce winning developers next February.
The industry has already witnessed a couple of significant developments this year. The opening of the Pentland Firth for development is being described as a timely and crucial move.
Following the closure of the deadline for pre-qualified companies seeking leases for wave and tidal energy projects in the Pentland Firth strategic area in May this year, The Crown Estate shared that it had received multiple bids for each of the lease types. The firm received a total of 42 applications from 20 bidders for wave and tidal energy leases . These applications range from 10 MW demonstration sites all the way up to the highest band of 200-300 MW commercial sites.
The Crown Estate will use option fees paid by developers and an equivalent investment from its own funds in order to de-risk and accelerate the development of tidal and wave energy projects in the area.

