Atlantis has signed heads of terms with the Duchy of Lancaster for an option for the long-term lease of the riverbed required to develop the Wyre estuary tidal barrage and flood protection project.
Feasibility studies indicate that the project’s optimal installed capacity is 160 MW, with forecast production of almost 300 GWh of sustainable energy each year.
It is expected that the process of obtaining all necessary consents to begin development will take approximately three years. Atlantis will now work with the Duchy of Lancaster, the Wyre and Lancashire councils, local stakeholders, BEIS, the supply chain and investors to progress the project.
Tenders are expected to be issued early next year and Atlantis also has started discussions with potential development stage investors and will update the market on the outcome of these discussions in due course, the company explained.
Tim Cornelius, CEO of Atlantis, said:
“We believe our tidal barrage and flood protection project in the Wyre estuary offers a route to low cost, predictable and sustainable domestic electricity supply. This is the pathfinder project the UK government is looking for, with the potential to facilitate wide-scale development of the UK’s enviable tidal range resources. The development, construction and operation of tidal barrages, a well understood and proven predictable renewable energy technology will stimulate local economies across the country, establishing improved infrastructure and creating job and supply chain opportunities.
“We look forward to working with the Duchy of Lancaster, our partners, investors and supply chain to bring this major infrastructure project to fruition.”