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French giant signs up to help Icelandic volcanoes power UK homes

Monday, November 28, 2016 11:18
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The proposed route in to the UK is via Scotland. Could be interesting with Scottish leaders keen on leaving the UK.

A multibillion pound project aimed at using the power generated by Icelandic volcanoes to fuel British households has lined up a major French infrastructure investor to back its development.

Sky News has learnt that Meridiam, a global asset manager…has agreed to finance part of the development cost of a new 1,000-mile-long pipeline between Iceland and the UK.

The venture, Atlantic SuperConnection, is the brainchild of Edi Truell, a major Conservative Party donor and Boris Johnson’s former pensions adviser.

Chinese, Canadian, Middle Eastern and Singaporean pension funds and sovereign wealth funds have approached Mr Truell’s investment vehicle, Disruptive Capital, about contributing to the estimated £3.5bn cost of the pipeline.

The Atlantic SuperConnection would use geothermal and hydroelectric power generated by Icelandic volcanoes and hot springs to supply electricity to hundreds of thousands – and potentially millions – of UK households.

Mr Truell also wants to build a factory in the northeast of England to manufacture the copper or aluminium cable that would be used for the pipeline, a move that would create a substantial number of jobs.

Under the financier’s plans, the Atlantic SuperConnection could begin supplying power to British homes before the end of 2022.

Source: French giant signs up to help Icelandic volcanoes power UK homes | Sky News


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