Sanjeev Gupta whose family’s SIMEC division has acquired a stake in Tidal Lagoon Plc, UK, a holding company established by Tidal Lagoon Power Ltd to finance the development of tidal lagoons in the UK and India.
Gupta, chief executive of SIMEC’s sister group Liberty House, said they are pleased to invest in the innovative enterprises that will provide low-carbon, base load energy and drive economic renewal through the development of a supply chain that will create thousands of new jobs. He confirmed the group is expanding internationally on several fronts and renewable energy is one of those expansions.
Liberty House last year acquired units of Lord Swraj Paul’s Caparro Group.
The latest investment will create a joint venture between Gupta’s SIMEC and Tidal Lagoon Power to develop tidal lagoons for power generation in India. India recently joined the UK in the International energy Agency’s Ocean Energy Systems programme. The Gupta family’s acquisition that is estimated at an 8-figure sum in pounds, is expected to plug into the programme.
The first tidal lagoon is planned for Swansea Bay in Wales and is expected to open in 2018, with an estimated cost of 1 billion pounds.