Peel’s Merseyside presence could rise further if its tidal power scheme is viable. Peter Elson reports

NEARLY two decades after plans for a Mersey barrage were abandoned, a new scheme is gaining momentum.

If the proposal goes ahead, it could be feeding renewable energy into the National Grid in 10 years’ time.

Its electrical output will be bigger than the extended Burbo Bank Offshore Wind Farm, off Wirral.

But then it should do, as the the price tag for the new barrage is £2bn - £3bn, with a life expectancy of 100 years.

However, unlike the last scheme, this will not be a largely publicly-funded project, but a privately-financed scheme by Port of Liverpool owner Peel Group.

The company controls £6.6bn of assets and its growing impact on Merseyside seems unstoppable as it enters a new era.

The barrage, or Mersey Tidal Power project, is one piece of the huge jigsaw comprising Peel Group chair John Whittaker’s £50bn investment programme, called Ocean Gateway.

This is now part of the Northwest Development Agency’s (NWDA’s) wider Atlantic Gateway concept to promote better use of public and private land.

The scheme also arrives as outgoing CBI chairman Richard Lambert lambasted UK business for losing out to emerging economies for failing to invest in green infrastructure.

Already the Peel assets are being reorganised. Last week, Mr Whittaker revealed a £1.6bn deal to sell the Manchester Trafford Centre, Peel’s giant retail jewel in its crown, to Capital Shopping Centres (CSC).

Peel will be paid with a quarter of CSC’s shares (avoiding capital gains tax) and Mr Whittaker becomes deputy chair.

Liverpool John Lennon Airport was acquired by Vancouver Air Services last June, when it took a 65% stake in Peel Airports Group, believed to be worth about £110.5m.

Mr Whittaker’s vision is to maximise the 50-mile River Mersey and Manchester Ship Canal corridor and its adjacent land, what he refers to as “God’s assets” – but, in practice, are now his to exploit.