The construction of a major tidal energy project on the Scottish coast is set to begin next month, developers have announced.
The go-ahead comes after Atlantis, majority owner of the MeyGen project, said it has completed all the conditions required to initiate its first drawdown from The Crown Estate, which manages the UK seabed, and Scottish Enterprise.
According to Atlantis the completed scheme would have 269 sunken turbines at the bottom of the sea to power nearly 175,000 homes. By 2020, 61 turbines are expected to be installed, delivering power for about 46,000 homes.
In an announcement to investors, Atlantis said: "The major construction and supply contractors to this iconic project have commenced design, engineering and procurement works in readiness for commencement of onshore construction at the project site in Caithness in January 2015.”
According to Atlantis, MeyGen is the largest planned tidal energy project in the world with a capacity of almost 400MW. However, the company has seen a considerable decline in its share price yesterday.
"The company notes the recent material decline in its share price yesterday and knows of no trading or operational reason to warrant this change, particularly given the progress with the business and the continued expectation of delivering on milestones outlined above,” said Atlantis in a statement.