Atlantis agrees riverbed lease to develop Wyre tidal project

Atlantis has signed a deal with the Duchy of Lancaster over an option for a long-term riverbed lease to allow the company to develop the Wyre estuary tidal barrage and flood protection project.

The AIM-listed marine power generation specialist said it will be lead developer of the project, working with the Duchy of Lancaster, the Wyre and Lancashire councils, local stakeholders, the Department for Business, Energy and Industrial Strategy and various supply chain companies.

Tenders are expected to be issued early next year, the company said, as it begins discussions with potential development stage investors.

Atlantis also announced that the tidal project will aim to benefit from the government's devolution agenda, empowering the new combined authority mayors, or 'metro' mayors, to access the £900m, 30-year investment fund created to promote projects and stimulate economic growth in their regions.

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."