By Max Clarke

The UK’s growing renewable energy industry is set to gain from a £3.4 million investment.

Already world leaders in technologies to extract electric power from the sea, this investment in Edinburgh-based Aquamarine Power will further help develop new technologies in the increasingly important sector.

Aquamarine Power were launched in 2005 in order to develop and market their Oyster wave energy converter: a key technology in extracting clean electricity from abundant wave-power.

“This deal is a major step forward for the marine energy sector,” says Aquamarine Power CEO Martin McAdam. “It shows Barclays has the confidence and flexibility to fund the right marine energy project — with a return based on future energy production.

The £3.4 million sum will help complete a 2.4MW floating Oyster at the European Marine Energy Centre in the Orkney Isles.

Jan Love, Director of Project Finance for Barclays Corporate Scotland, celebrated the deal as “transformational” for the company, adding: “This is a significant moment for Aquamarine Power; it demonstrates our confidence in the business model and provides a blueprint of how visionary companies can achieve their commercial aims with the right support. Barclays has played a major role in backing high quality renewable developers over the last decade and we have the experience to work successfully with strong management teams such as Aquamarine Power’s. We look forward to supporting the company through the key milestones as additional Oyster devices become operational in 2012 and 2013.”

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