19 Mar 2010
LG advises on worlds first wave and tidal energy leasing
Lawrence Graham LLP ("LG") has advised Marine Current Turbines ("MCT") - one of the technology leaders in ocean power - on its successful bid for a lease agreement with The Crown Estate for the world's first commercial wave and tidal leasing round.
The SeaGen tidal current technology will be deployed off Brough Ness, on the southernmost tip of the Orkney Islands (South Ronaldsay) and north east of John O'Groats. SeaGen is the world-leading prototype tidal energy turbine designed and deployed by MCT.
Commerce and Technology partner Jonathan Riley headed the LG team, with lead assistant Tom Coulson.
Jonathan said: "We are pleased to have had the opportunity to continue to work with MCT and it is very satisfying to see its SeaGen technology achieve another significant milestone and public recognition."
The company plans to have its first phase of SeaGen tidal turbines deployed during 2017, with a total of 66 SeaGen tidal turbines installed in three phases over a four year period in a site area of 4.3 square kilometres, and the whole scheme fully operational by 2020.
MCT has deployed and operated its SeaGen commercial-scale prototype in Northern Ireland's Strangford Lough and within the next two to three years expects to have deployed its first tidal farm in UK waters.
Earlier this year LG advised MCT on a £4.8 million round of investment from global engineering firm, Siemens Plc, the Carbon Trust, High Tide Worldwide BV and private investors. This followed an investment at the end of last year which LG also advised on, bringing the total new funds for MCT over the past few months to £8.5 million.