Construction of the Atlantis Resource’s £51m Meygen tidal stream project is all set to start by the end of this year at Pentland Firth in North Scotland, the UK.
The UK government has granted £10m for the 398MW tidal power project; the Crown Estate, which manages the seabed, has invested another £10m; and the Scottish Government and Highlands and Islands Enterprise will invest £20m.
The venture will have around 269 turbines submerged on the seabed and would generate energy for 175,000 homes. The project can open up more than 100 job opportunities.
UK Energy Secretary Ed Davey said: "This innovative and exciting project puts Scotland and the UK on the map as a global leader in marine technology – meaning jobs, better energy security and the potential to export this technology to the world.
"The project also shows what can be done when the UK and Scottish Governments work together to provide a lasting benefit for the people of Scotland."
Scottish Energy Minister Fergus Ewing said: ""The Pentland Firth development takes our ambition to the next level and further cements Scotland’s reputation as a world leader in deploying renewables technology."
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By GlobalDataCrown Estate energy and infrastructure director Rob Hastings said: "This is part of our strategy to explore the potential of tidal stream energy on a commercial scale with a project that offers a crucial stepping stone on the path towards unlocking the nation’s tidal energy potential over the long term."
Four turbines will be installed in the first phase over the next two years; by 2020, about 61 turbines will be installed.
