The move comes as the preferred contractor, China Harbour Engineering Company (CHEC), has parted with the 320MW project.

Tidal Lagoon Power will retender the £300m marine works contract in order to deliver optimal value-for-money to its investors.

The scope of the contract includes construction of bund wall and coffer dam, sourcing and transporting rock armor and materials.

TLP spokesperson was quoted by BBC as saying: "It’s the one change following an internal review of all work packages and will not impact on project funding or the delivery timetable."

However, other preferred bidders which include Laing O’Rourke and Alun Griffiths are not impacted by the retender.

CHEC earlier signed a memorandum of understanding (MoU) with Tidal Lagoon Power to explore tidal lagoon projects in Asia and particularly along China’s coastline.

Claimed to be the largest tidal power plant in the world, the Swansea Bay Tidal Lagoon will generate low-carbon electricity by capturing high tides and releasing it through turbines.

Scheduled to be commissioned in 2019, the plant is expected to provide 500GWh clean and renewable electricity to serve over 155,000 homes.

Expected to reduce over 236,000 tons CO2 emissions annually, the project will have an operational life of 120 years with government support for an initial 35 years.