Wave energy firm Aquamarine Power has agreed a £3.4M loan with banking giant Barclays to fund its 2.4MW Oyster Array project off the coast of Scotland.
This is the first time a marine energy project has succeeded in securing bank debt finance, according to the firm. Aquamarine Power’s Oyster wave power technology captures energy in nearshore waves and converts it into electricity.
The five year loan will provide funds to complete the 2.4MW Oyster array, located at the European Marine Energy Centre, Orkney. The array will comprise three of the company’s Oyster wave power devices.
The loan will be repaid over five years from revenue generated by the 2.4MW array.