Renewable energy firm backed by steel tycoon Sanjeev Gupta is to pile pressure on Government to boost funding for tidal energy
A renewable energy firm backed by controversial steel tycoon Sanjeev Gupta is to pile pressure on the Government to boost funding for tidal energy.
Simec Atlantis Energy is bidding for taxpayer money to help it build ocean turbines at the MeyGen tidal project in Pentland Firth, Scotland.
The company is hoping the Government will increase its support for tidal energy after it ploughed hundreds of millions of pounds into wind and solar in September.
Pressure: Simec’s majority shareholder is tied to Sanjeev Gupta’s GFG Alliance
Simec’s majority shareholder is tied to Gupta’s GFG Alliance, which is under investigation by the Serious Fraud Office after the collapse of its financier Greensill.
Simec chief Graham Reid will be making the case for tidal energy at COP26. It is more costly than wind and solar.
But Simec argues that tidal is far more reliable.
Simec’s share price has been hit by the Welsh Government’s decision to ‘call in’ its plan to convert its coal power plant in Newport to an energy-from-waste plant.