Orbital Marine Power, the new name for Scotrenewables Tidal Power, has launched a crowdfunding initiative with Abundance to raise up to £7m for the construction of its first 2MW commercial floating device.
The Scottish developer plans to build the Orbital O2 turbine next year for installation at the European Marine Energy Centre off Orkney.
Alongside the money to be raised from Abundance investors, the project already has £9m in grants and equity funding, including from the Scottish government.
The Orbital O2 2MW benefit from five Renewables Obligation Certificates for all electricity it generates.
Orbital Marine Power chief executive Andrew Scott said: “We want the Orbital O2 2MW to be the springboard for a new, sustainable industry built around floating tidal – one that comes from an idea conceived in Orkney, engineered in Scotland and delivered across a UK supply chain, with the ability to change the world in a better way.”
Abundance will offer a 30-month secured debenture paying annual interest of 12%.
Abundance founder Bruce Davis said: “This is a chance for our customers to back one of the newest and most exciting renewable energy technologies and prove it can work on a commercial basis.”
Source:renews
