Marine Current Turbines gets cash injection for groundbreaking renewable energy project
6 January 2006
Investment by EDF Energy furthers development of first commercial tidal farm
LG has advised Marine Current Turbines Ltd ("MCT") on the recent investment into MCT by EDF Energy, one of the UK’s major utility companies and the UK subsidiary of Electricité de France, to fund the groundbreaking SeaGen project.
The SeaGen project, which will also receive substantial grant support from the DTI, is a project to construct an underwater twin-turbine device with a 1000KW capacity in Strangford Lough in Northern Ireland, which will be connected to the local grid. A world first, the project will provide clean and sustainable electricity generated from tidal currents to approximately 800 homes in Strangford and Portaferry. If the Strangford Lough trial is successful, the first commercial tidal farm is expected to be operating within five years.
Bristol-based MCT applies its proprietary technology to design and build power devices that use tidal currents to generate renewable electricity. The additional £2million financial injection by EDF Energy will further the commercial development of SeaGen; it also secures a Power Purchase Agreement for EDF Energy, and a non-exclusive developer licence for EDF Energy to use MCT’s tidal current technology in UK and French waters.
Commerce & Technology partner Jonathan Riley led the LG team advising MCT with partner Charles Ouin and assistance from Kate Redden and Catrin Huckle; EDF Energy in-house lawyers Adam Langridge and Brendon Feary completed the lawyers on the transaction.
Jonathan said: "The significance of this project is that it defines the commercial potential of tidal power in the UK and beyond: it may well come to be recognised as a true landmark for the renewable energy sector. As a 'world first', this project has demanded innovation and flexibility from its lawyers as well as the project managers. It has been a great experience for our team to work with MCT and EDF Energy."
Notes to editors
- With over 90 partners and 270 lawyers, Lawrence Graham LLP is a leading London-based law firm providing legal and business advice to companies and individuals internationally.
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Jonathan Riley
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