Aquamarine Power agrees funding deal

SCOTTISH wavepower developer Aquamarine Power (AP) said yesterday it had agreed a £3.4million loan with Barclays Corporate in a deal marking an important milestone for investment in the marine energy sector.

Edinburgh-based AP added it was the first time a UK marine-energy project had been successful in securing bank debt finance.

The new five-year loan will provide the funds Aquamarine Power needs to complete a 2.4-megawatt project at the European Marine Energy Centre in Orkney.