The high profile project of Swansea Bay Tidal Lagoon has now taken another leap forward. This step comes as the confirmation from the announcement that China Harbour Engineering Company (CHEC) has been now chosen as the preferred bided for a £300 million contract aimed at providing marine works in order to accelerate the development.
The project Tidal Lagoon Swansea Bay stated the proposed deal could kick off as program of Chinese Investment into the United Kingdom infrastructure while it will permit for British expertise and technology will be exported to the region of Asia.
If this contract is finalized then it would seem that CHEC will commit to make sure that around 50 per cent of the contract value is spent on the British workforce, supply chain, and partners. Furthermore, the two companies which have already pledged to sign up for a memorandum of understating will be working together on the development of tidal lagoon power projects in the region Asia especially at places along the China’s 18,000 kilo meters of coastline.
The Chief Executive, Mark Shorrock of Tidal Lagoon Power stated that this agreement could represent a massive boost to the dwindling tidal lagoon market. Furthermore he said in a statement that China is now taking a leading position in tackling the threat of climate change and hence a state owned enterprise makes a quite a good partner when one wishes to deploy multiple tidal lagoon cost effectively and quickly.
According to the CEO and president of the CHEC, the proposed contract was confirmed as was likely to be trailed by further investment in the marine energy sector of the Europe.