Tidal energy company Orbital Marine Power has confirmed it will qualify multiple applications for submission into the fourth Contracts for Difference (CfD) round, which opened this week.
This will include the Perpetuus Tidal Energy Centre (PTEC), which has recently gained onshore consents from the Isle of Wight Council Planning Committee.
PTEC is primed to secure part of the ringfenced funding set aside for tidal technology within allocation round four (AR4) the company said, given it has both onshore and offshore consents, and has secured a grid connection.
Additionally, Orbital is looking to enter its Morlais project, which is being developed in Anglesey. It was awarded consents for the development of the site by the Welsh government on 10 December.
Both sites will build on the learnings from its flagship 2MW O2 turbine, which has been operating in the waters off Orkney since July. Since then, Orbital has gained funding from TechnipFMC, a global offshore EPCI contractor, helping provide further momentum for the development of projects.
“With clear government backing for tidal stream energy, we are now seeing significant commercial project opportunities come forward with the ability to secure a CfD in AR4 and move into construction,” Oliver Wragg, commercial director at Orbital, said.
“We very much see this as the UK government firing the starting gun on what will rapidly become a new global renewable energy industry and paving the way for Orbital to provide meaningful volumes of clean and predictable energy to help turn the tide on climate change."
AR4 opened on Monday 13 December 2021, with a total of £285 million of funding available for renewable projects, including £20 million for tidal stream projects.