Edi Truell is stepping up pressure on the government to approve an ambitious plan to pipe green Icelandic electricity a thousand miles to Britain. The City financier has thrown down the gauntlet to Greg Clark, the business secretary, saying that he has the finance in place and needs only government approval for the project. Mr Truell said that Atlantic Superconnection, his company, could create hundreds of news jobs in the North East if he were to be given approval. “All Greg Clark needs to do to create 800-plus jobs on Teesside is to confirm that Atlantic Superconnection is a generator,” Mr Truell said. “It does not commit the government to a penny.” The company needs “offshore generator” status to enable it to sell electricity at subsidised prices under the renewable power regime. Mr Truell’s plan is to raise £2.5 billion from institutional investors, build a cable-making factory and then run a 1,000-mile subsea cable to supply Icelandic geothermal and hydroelectric power to Britain. He said that JP Morgan, his bank adviser, had 25 potential institutional investors lined up to invest.
Times 27th May 2019 read more »