Deal for stake in company Tidal Lagoon Power signed

Tidal Lagoon Power is the company behind the proposed £1bn project in Swansea Bay

A deal to take a multi-million pound stake in the company behind the proposed £1bn Swansea Bay tidal lagoon has been signed, BBC Wales can confirm.

The Gupta family, who own Liberty Steel and the Simec energy company, has made the investment into Tidal Lagoon Power, which also has proposed projects in Cardiff and Newport.

The family seeks to invest in renewable energy projects around the world.

Tidal Lagoon Power is still negotiating a strike price with the UK government.

A spokesman for the Department of Energy and Climate Change said: "We are carefully considering the Swansea Bay project to see whether it is in the best interest of bill payers.

"At this point it would be inappropriate to comment further."

The Gupta family's investment in Tidal Lagoon Power is understood to be an eight-figure sum.

They are also working with Simec on a tidal lagoon in Gujarat, India.

It comes amid uncertainty in the nuclear sector with concerns about the cost of new reactors at Wylfa Newydd, on Anglesey, and Hinkley Point, Somerset.