Less Ads, More Data, More Tools Register for FREE

Pin to quick picksFLG.L Share News (FLG)

  • There is currently no data for FLG

Watchlists are a member only feature

Login to your account

Alerts are a premium feature

Login to your account

Prudential Lends Weight To GBP1 Billion Tidal Project

Mon, 20th Oct 2014 09:27

LONDON (Alliance News) - Prudential PLC Monday said it has been named the cornerstone investor in the GBP1 billion Tidal Lagoon Swansea Bay Project, an infrastructure development designed to generate electricity by using the power of the sea.

In a statement, Prudential said the power station will become the world's largest tidal energy provider when it opens in 2018. According to the FTSE 100 giant, the project will form the first step in the development of a network of coastal lagoons which could generate up to 8% of the UK's electricity needs.

The deal is part of Prudential's commitment to invest alongside Legal and General Group PLC, Aviva PLC, Standard Life PLC, Friends Life Group Ltd, and Scottish Widows a total of GBP25 billion in the UK's infrastructure over the next four years.

Prudential didn't say how much it would invest itself in the Swansea Bay project.

The project will generate over 495 gigawatt hours of electricity every year for 120 years, enough to provide nearly all of the domestic electricity for the Swansea Bay region. It will also help the UK meet its carbon reduction targets by saving more than 236,000 tonnes of carbon dioxide each year.

The construction of the power station is scheduled to begin in 2015 and will create almost 2,000 jobs, Prudential said.

Prudential's long-term insurance funds will provide the funding through its European asset management arm, M&G Investments. In the UK, Prudential currently manages around GBP25.8 billion of direct infrastructure 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," Chief Executive Tidjane Thiam said in a statement.

"Such investments provide our customers with strong and sustainable returns, create good jobs and increase productivity and economic competitiveness. Prudential is committed to invest in infrastructure projects that benefit the national economy," Thiam added.

Prudential shares were Monday quoted down 0.3% at 1,348.50 pence.

By Samuel Agini; samagini@alliancenews.com; @samuelagini

Copyright 2014 Alliance News Limited. All Rights Reserved.

More News
10 Apr 2015 16:03

LONDON MARKET CLOSE: FTSE 100 And FTSE 250 Reach New Record Highs

Read more
9 Apr 2015 05:13

Dividends Calendar - Week Ahead

Read more
8 Apr 2015 15:07

Dividends Calendar - Week Ahead

Read more
8 Apr 2015 11:01

Friends Life forced to comment on share price drop

On Wednesday morning Friends Life issued a statement saying its stock should not trade ex-dividend ahead of the 9 April Scheme Record Time and Friends Life Dividend Record Date. The company also noted the sharp move in its stock price. In parallel some reports were indicating that the firm had go

Read more
8 Apr 2015 10:14

Friends Life Reminds Over Dividend Eligibility For Shareholders

Read more
1 Apr 2015 13:19

FTSE 100 movers: Shell boosted by Alaskan exploration approval, banks higher

Oil major Shell was making gains after being given the green light by the US government to restart an exploration campaign in the Alaskan Arctic. Imperial Tobacco rebounded from Tuesday's losses, which were driven by concerns that the Lorrillard-Reynolds merger will fall apart. Banks such as Barcla

Read more
31 Mar 2015 16:10

Friends Life partnership scheme sells nearly £164m of Aviva shares

The partnership structure created by insurance group Friends Life has sold nearly £164m of shares in UK insurer Aviva, according to a report by Reuters on Tuesday. Dubbed as "Value Share", the partnership structure was created by Friends Life in order to reward its founders. "Value Share" sold 30.8

Read more
26 Mar 2015 17:17

MARKET COMMENT: Stocks End Lower While Oil, Gold Prices Rally

Read more
13 Mar 2015 18:05

European Regulators Approve Aviva's GBP5.6 Billion Friends Life Takeover

Read more
10 Mar 2015 09:34

UK BROKER RATINGS: Numis Upgrades Schroders To Add From Hold

Read more
6 Mar 2015 12:46

FTSE 100 movers: Weir Group up on bid speculation, Miners lower on weak precious metal prices

Shares in British engineering giant Weir Group rose on the back of market chatter that a cash-rich private equity consortium in the US is looking to table a 2,500p per share break-up offer for the group, compared with current prices at around 1,800p. ITV continued higher on Thursday's raised price t

Read more
5 Mar 2015 16:58

MARKET COMMENT: London Stocks Lifted As Draghi Gives QE Start Date

Read more
5 Mar 2015 16:24

London close: FTSE jumps to new record high on ECB stimulus

Details of the European Central Bank's (ECB) quantitative easing package helped the FTSE 100 to another record close on Thursday, with financial stocks making solid gains by the end of the session. The Footise finished the day 41.9 points higher (+0.61%) at 6,961.14, surpassing a previous closing re

Read more
5 Mar 2015 14:18

Sector movers: Results from Aviva and Friends Life spark surge among life insurers

Insurers Aviva and Friends Life Group (FLG) each jumped over 7% on Thursday as investors celebrated the companies' 2014 results ahead of the proposed merger, giving the life insurance sector a big boost in London. The impressive figures also helped to allay fears across the wider sector, showing tha

Read more
5 Mar 2015 12:22

Friends Life lifts profits 38% and hikes divi ahead of proposed Aviva takeover

Ahead of its proposed takeover by larger peer Aviva, insurance group Friends Life Group (FLG) smashed expectations with its 2014 results on Thursday as profits surged and cash generation exceeded guidance. FLG's shares surged in London, buoyed further by forecast-beating full-year numbers from Aviva

Read more

Login to your account

Don't have an account? Click here to register.

Quickpicks are a member only feature

Login to your account

Don't have an account? Click here to register.