Cornerstone investor for Tidal Lagoon Swansea Bay

Prudential’s long-term insurance funds will be put towards a total of £25bn in funding to boost the UK’s infrastructure. The company will provide the funding through its European asset management arm, M&G Investments.

“The financing of this power station is emblematic of the role that Prudential plays in transforming the hard-earned savings of millions of our customers into long-term, productive investment in the UK economy,” said Tidjane Thiam, group chief executive. “Prudential is committed to invest in infrastructure projects that benefit the national economy. We are also proud to play our part in the development of this world-leading renewable energy technology.”

“Securing the backing of a world-renowned investment institution marks another major milestone for the Swansea Bay project and is a clear endorsement of our vision to introduce tidal lagoon infrastructure into the UK’s low carbon energy mix,” added Mark Shorrock, chief executive, Tidal Lagoon Power Ltd. “Tidal lagoons will employ British industry to harness a British natural resource and return profits to British institutions.”

In the UK, Prudential currently managed around £25.8bn of direct infrastructure investments.

By Rachael Doyle