Tidal Lagoon Swansea Bay to generate renewable electricity for 155,000 homes
JLT has been named the insurance broker for the construction of a £1bn power-generating lagoon in Swansea.
The Tidal Lagoon Swansea Bay will generate clean and renewable electricity for more than 155,000 homes for 120 years, equivalent to 90% of Swansea Bay’s annual domestic electricity use.
Construction is due to begin in the Spring and the lagoon will start feeding energy into the National Grid in 2018.
Poul Hansen, head of renewable energy at JLT Specialty, said: “I am delighted that JLT has been appointed on this exciting project. Our technical knowledge and experience in structuring risk, risk transfer, marine and onshore risk, combined with our strong market relationships, mean that JLT is well placed to take on this development .”
“The construction of effective and reliable renewable energy resources is becoming an increasingly important issue for international businesses and governments alike. As energy consumption rises, now is the time to invest in projects that will provide an alternative to using fossil fuels.”