Orbital Marine Power Secures Two Contracts for Difference (CfDs) in UK Renewables Auction
Posted 08/09/2023 13:55
Orbital Marine Power Ltd, a leader in tidal energy development, has been granted two Contracts for Difference (CfDs) totaling 7.2 megawatts (MW) in the UK Allocation Round 5 (AR5) process.
This achievement builds upon Orbital's prior success in the preceding Allocation Round 4, during which the company secured contracts for 7.2MW of capacity. The awarded CfDs will enable Orbital to advance its project development in Orkney, where it plans to construct six turbines covered by the Contracts for Difference scheme.
These turbines, capable of generating a combined 7.2MW of reliable clean energy for the grid, will have the capacity to power up to 9,000 homes. This contribution will support the UK's energy security, transition to cleaner sources, and broader climate change objectives.
Moreover, this favorable outcome empowers Orbital to make substantial investments in the UK supply chain as it works to establish mass production of its innovative technology. With over 75% of its supply content sourced within the UK, Orbital Marine Power exemplifies the nation's significant capabilities and expertise in creating a supply chain that can accelerate industrialization and growth through volume production.
Andrew Scott, CEO of Orbital Marine Power, expressed enthusiasm about the latest award and its implications. He stated, "Securing these latest CfDs is another key step on a path that ends with clean predictable power being delivered to thousands of UK households and businesses, alongside building factories of the future and creating sustainable, green jobs at a ratio that hasn't been achieved in the renewable space before. We maintain our commitment to establishing a valuable supply chain within the UK. Maximizing the benefits and rewards from this endeavor will take leadership and long-term commitment from the UK Government."
Orbital Marine Power continues to contribute significantly to the expansion of clean energy solutions and the United Kingdom's renewable energy landscape.