Those behind the Perpetuus Tidal Energy Centre (PTEC), tells News OnTheWight that they intend to bid in the next government round and plan to start work at Flowersbrook in Autumn 2024.
News OnTheWight has been pursuing PTEC since June 2023, seeking to find out whether the project is still alive, what the next significant milestone will be and when construction of the onshore element at Flowersbrook will begin.
It’s alive
It’s taken almost three months to receive a response from the tidal energy company responsible for the project, which Isle of Wight council invested just over £1,000,000 in.
PTEC tells News OnTheWight that the project is very much alive.
Driving down the price of tidal energy
A spokesperson for PTEC told News OnTheWight,
“Seven tidal stream projects, which include our partners Orbital Marine Power, have won Contract for Difference contracts across Scotland and Wales, which will bring new jobs and businesses to those regions.
“Encouragingly, these new ‘at scale’ deployments will drive down the price of tidal energy still further, in a volatile energy market.”
A level of ‘deep green power’ potential
The spokesperson went on to add,
“The consented PTEC site and the now proven strength of the tidal resource around the Isle of Wight and the South coast offers similar potential for the same prodigious business growth and increased energy security in the Solent. A level of ‘deep green power’ potential which is now attracting the attention of some of the larger, power-hungry industries in the region.
“There is a growing demand for clean predictable power across these industrial users within the Solent and South coast region.”
PTEC says they are looking to start work at Flowersbrook in Autumn 2024 and,
“Stands ready to deliver power into the grid and is also in discussions with large energy companies for power purchase agreements which could be complemented by a Contracts for Difference (CfD) bid next year.”
PTEC: In the process of seeking further investment
At the recent Cabinet meeting, Councillor Michael Lilley (LibDem) asked the council about PTEC’s current financial position, considering they seemed not to have bid in Gov CfD 5.
The then-leader of the council, Lora Peacey Wilcox, explained that the Isle of Wight council are a very small minority shareholder in PTEC and have no formal role in the investment or other decisions of the company. They approached PTEC for a response to Councillor Lilley’s query and received the following reply:
“PTEC is in the process of seeking further investment for the next stage of development which will see the project reach financial close. We are in discussions with a number of funders as well as large energy companies whose interest potentially extends to power purchase agreements. We intend to bid into CfD allocation round 6 next year.
“The project remains fully consented with a grid connection offer and seabed lease in place . The next step is to discharge the consent conditions and finalise the engineering, procurement and construction plans which will involve engagement with UK, Solent and Isle of Wight -based suppliers.”
