A delegated decision on whether to approve a further £244,000 investment in Perpetuus Tidal Energy Centre has been made.
The council were set to approve the further investment to assist with renewal of licences and leases for the tidal energy scheme off the coast of St Catherine’s Point, Isle of Wight.
Instead the decision has been deferred. Papers released by the Isle of Wight council state:
In light of the extraordinary circumstances created by the Coronavirus (COVID-19) pandemic and the financial uncertainties it has created, the council will delay the decision on the further loan investment in PTEC until a future date when there are fewer variables to consider in assessing the overall deliverability of the project.
In the interim the council will continue to work with PTEC, the Tiger project and other stakeholders associated with the proposal to help inform any future decision