Lunar Energy £500 million project!

Wow! Lunar Energy has announced a £500 million contract in South Korea to build a 300 turbine tidal farm.

The press release, also on Lunar's website, says that the project will involve 300 1MW turbines, implying a cost per MW of £1.67 - better than anything else we've seen by some margin!

It seems amazing that this contract has been landed without the technology being proven in the water at full scale yet, and we're also not clear how Lunar will deliver for this price. You can bet on much of the fabrication taking place in Korean shipyards, though.

I hope it all works out - it would be a fantastic boost for the tidal energy industry, but it's a long time to 2015 when the turbines are expected to be operational.

Lunar's got a fabulous visualisation here...