Atlantis is in negotiation with the Duchy of Lancaster as its preferred developer for the proposed Wyre Valley tidal barrage and flood protection project.
The project would be chiefly situated on the Duchy estate between Fleetwood and Knott End on the Lancashire coast.
Atlantis and the Duchy will now enter into a period of negotiation to reach agreement regarding an option for a long-term lease for the proposed site to permit the development of a tidal power scheme with a proposed installed capacity of 160 MW.
It is currently predicted that the project will be capable of producing almost 300 GWh of sustainable energy each year, coupled with flood protection capabilities.
It is expected that the process of obtaining all necessary consents to begin development will take approximately three years, but this option agreement would give the necessary rights and access for the majority of the required land.
Tim Cornelius, CEO of Atlantis, said: “The Wyre Valley tidal barrage and flood protection project represents a hugely exciting opportunity to showcase the UK’s world leading commercial tidal energy potential. We believe that the project will help to stimulate the local economy in Fleetwood, bring wider benefits to the region, and represent a cost-effective option for clean, large scale domestic power production.
“This will be a major project for our Atlantis Energy division as we continue our diversification strategy and we look forward to working with the Duchy of Lancaster our partners, investors and supply chain to bring the project to fruition.”