(Bloomberg) -- Tidal Lagoon Power announced a plan to build a 22 million-pound ($28 million) turbine manufacturing plant in Swansea Bay, Wales.
The Gloucester, England-based company has put out a tender for the design and construction of the facility, according to an e-mailed statement.
Tidal energy generates electricity from the natural movement of seawater rising and falling in a lagoon or bay. Unlike solar and wind projects, which typically have a 25-year lifespan, a tidal lagoon power project is expected to last 120 years.
The company is in talks to secure a long-term contract for a planned 320-megawatt project in South Wales. Estimated investment costs would be 1.3 billion pounds.
To contact the reporter on this story: Anna Hirtenstein in London at ahirtenstein@bloomberg.net. To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net, Jonathan Tirone, Amanda Jordan
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