Swansea Council is seeking private sector partners in a bid to revive the city’s proposed £1.3bn tidal bay lagoon.
The local authority set up a taskforce to assess alternative delivery options following the government’s decision in June to cancel the project.
The taskforce concluded that the tidal lagoon needed to be led by the private sector without reliance on government subsidies.
As a result, the council has issued a prior invitation notice officially inviting companies and investors to participate in the scheme.
The local authority said it was seeking a partner or partners to undertake the tidal lagoon’s delivery.
This could see the formation of either a partner development arrangement or joint venture.
Swansea Council said that, although the project would get no subsidy, the Welsh Government had committed to make a significant investment in the scheme.
Potential partners on the project would be required to conclude the detailed planning, design and licensing, obtain all appropriate permissions and secure funding, according to the council.
The £1.3bn Swansea Bay tidal lagoon was set to be the first of its kind, using a 9.5 km sea wall with turbines to generate 320 MW – enough to power for 155,000 homes.
Developer Tidal Lagoon Power envisaged it as a “pathfinder” project that would lead to a number of larger-scale lagoons across the UK.
Swansea Council leader and chair of the taskforce Rob Stewart said: “Despite the UK government not supporting Tidal Lagoon Power’s proposals, we want to deliver this ground-breaking project in Swansea Bay.
“We’ve spent the past three months re-evaluating the project and agreeing the best way to structure a deal that will deliver a tidal lagoon.
Mr Stewart added that it was looking at construction firms as potential partners for the scheme.
“We’re now testing the market to see which companies are interested in helping to deliver the lagoon.
“This could range from large financial institutions who want to invest in the project to major construction companies who want to build the lagoon.”
In the weeks before the project was axed by central government, a number of parties offered financial support to save the project.
The Wales Pension Partnership, which is made up of funds from workers across eight Welsh local authorities, revealed at the time that it planned to write to the Welsh and UK governments to confirm its backing for the £1.3bn lagoon.
First minister Carwyn Jones also pledged £200m in funding from the Welsh Government to ensure Swansea Bay was built.
Laing O’Rourke had been chosen for the £200m main civil engineering package in 2015 prior to the deal’s collapse.
Tarmac-owned Alun Griffiths had also been contracted to deliver the £25m public realm works package.
Chinese contractor Chinese Harbour Engineering Company was set to carry out the £300m marine works package in 2015, but was removed in May 2016 after TLP found the designs had “limited workability”